NEAR Protocol price up 13%, NEAR crypto might rally to $3.00 ?
- 1 Near protocol price gained 13% on a weekly basis and defended the $2.00 support.
- 2 Near protocol price prediction suggests a rise in the long term.
- 3 NEAR crypto recovered 30% from the recent swing low and is attempting to regain the 50-day EMA.
NEAR protocol price is up by 13% on a weekly basis and recovered 30% from the recent swing low at $1.669. NEAR crypto formed a bullish hammer candle from the support level and showed signs of the bullish trend reversal. However, the price is trying to sustain above the 50 day EMA which seems to be acting as an immediate hurdle level for the bulls.
NEAR protocol price (NEAR) is currently trading at $2.190 with a 1.25% rise and 24 hour volume to market cap ratio at 0.0634. The pair of NEAR/BTC is $0.00007953 with an intraday gain of 0.70%. Around mid January, NEAR protocol price took a U- turn from the yearly lows and managed to climb above the 50 day EMA which turned the short term trend in upward direction.
NEAR crypto price began to expand upside by forming higher highs and rallied by approximately 77% in the period of one month. At the beginning of February, NEAR protocol price attempted to break out of the $2.800 level but sadly it got rejected. NEAR crypto consolidated for a few weeks in the range between $2.000 to $2.800 hoping for an upside range expansion. However, the overall market sentiment turned bearish and it impacted the NEAR crypto price negatively.
Will the NEAR Protocol Price Reach $3.00 This Time?
NEAR/USDT Daily chart by TradingView
NEAR protocol price prediction suggests a rise in the long term and prices are expected to reach the $3.00 mark. Recently, NEAR crypto dropped below the $2.00 support level which created a concern for investors but luckily prices bounced back with a strong momentum. It shows responsive buyers are active at the lower levels and $1.669 will act as a strong support in the coming days. However, the probability of reaching $3.00 will increase only when NEAR crypto is able to sustain above the 50-day EMA. Currently, the overall market sentiment is bullish which might indirectly benefit NEAR protocol price to continue the upward momentum.
The MACD generated a fresh positive crossover indicating that the bullishness will continue for some more time. The RSI at 53 sloping North denotes bulls are coming back on track and more room for an uptrend is open.
NEAR protocol price showed sharp recovery from the support level and is up by 13% on a weekly basis. NEAR crypto is showing signs of bullish trend reversal and prices are expected to retest previous swing highs. Technical analysis suggests that NEAR protocol is in bullish grip and is likely to reach $3.00 in upcoming months. However, if the price drops below $2.00, then it might create trouble for the bullish traders.
Resistance levels : $2.800 and $3.400
Support levels : $1.669 and $1.216
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.