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Breakout Rally Potential in NEAR Price Trend for 2x Returns

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by A1

6 months ago


The NEAR token price is gaining momentum alongside Bitcoin's rise above $65,000. Positive factors such as market recovery and an overnight jump are fueling optimism for the NEAR token's potential upside.

There have been previous struggles to surpass the $10 mark, signaling a possible exhaustion. Will the altcoin's bullish trend extend beyond $10? A NEAR price prediction suggests a potential move above $10 in 2024.

NEAR Price Performance

Starting from under $6, the NEAR price has shown a bullish reversal with a positive wave structure in the 1D chart. The market recovery, fueled by Bitcoin's spike, is providing additional bullish momentum for the altcoin.

NEAR Price Chart

With a 58% rise in the last 30 days, the NEAR price is following a rising channel pattern indicative of a strong uptrend. The recent surge in the altcoin's price shows a positive cycle within the channel.

Currently trading at $8.056, the NEAR price is experiencing minimal intraday changes, suggesting a temporary pause in buying activities. However, the bull cycle is challenging the resistance trendline as it aims to surpass the $8 mark. A significant increase in trading volume by 126% indicates a potential breakout rally for the Near protocol token.

Technical Indicators:

  • RSI: The daily RSI line remains bullish above the midpoint, indicating increased buying pressure in the NEAR token price.

  • DMI: The rise in VI lines along with an uptick in ADX suggests a bull run with growing momentum.

Potential for NEAR Token to Reach $16 in Market Value

The overall rise in buying pressure across the market signals a growing risk appetite among investors, hinting at a potential bull market in the crypto space. This could propel the NEAR price to new highs.

Based on technical analysis, Fibonacci levels indicate the $16 mark as the next target beyond $10 and $12. On the downside, a reversal from $10 could lead to a retest of $6.215.

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