Growing Demand Fuels NEAR Price Recovery, Eyes $12
The post Growing Demand Fuels NEAR Price Recovery, Eyes $12 appeared first on Coinpedia Fintech News
As Bitcoin finds an oomph of bullish momentum, leading to a 7.87% jump in the last five days, the altcoins are preparing for a turnaround. Amidst such altcoins, the NEAR protocol’s native token takes a price jump, teasing a prolonged uptrend.
With a significant bullish reversal, Near protocol is ready to challenge the overhead supply zones. Will the price jump in this altcoin lead to a bull run beyond $10? Find out more in our NEAR price prediction.
In the 4H chart, the NEAR price trend showcases a falling trend, leading to a bearish channel pattern. The correction phase led to a death cross between the 50 and 200 EMA. Further, the price dropped under $5 with a 45% decline in market cap within 30 days.
However, the recent bullish reversal from the support trendline reflects a trend reversal opportunity in the altcoin. The upcycle accounts for a 40% rise in 9 days and approaches the $7 mark.
Currently, the NEAR price trades at $6.881 with an intraday move of 6.98% and a third consecutive bullish candle in the 1D chart. This reversal teases a bullish breakout of the descending resistance trendline.
The altcoin shows a 20% hike in trading volume, bolstering the ongoing recovery rally. This supports the possibility of a bullish breakout.
Technical indicators:
EMA: The 50 EMA finds an uptick in the 4H chart as the bullish momentum increases. This increases the possibility of a golden crossover and bolsters the trend reversal opportunity.
Will NEAR Price Recovery Reach $9?
With the buyers gaining momentum coupled with the broader market recovery, the altcoins are ready for a trend reversal. Further, with the high likelihood of a bullish breakout of the falling channel, the NEAR price could hit the $10 psychological mark.
However, the trend-based Fibonacci level brings an even more optimistic target of $12.
Filed under: Bitcoin - @ April 22, 2024 8:18 am