NEAR Price Approaches Breakout: Potential 30% Rally Ahead

2024-5-16 18:01

The Near Protocol (NEAR) price anticipates a bull run in the coming trading sessions, provided it can breach a key resistance first.

NEAR holders and the crypto market are, however, signaling a rise with those who are pining for a rise.

Inflows Into Near Protocol Rise

NEAR’s price is seeing bullish cues from the traders who have been anticipating a price rise for nearly a month now. Evident in the surge in Open Interest, over $100 million worth of contracts have been opened in the past month.

This surge in open interest is not necessarily a bullish sign, as it includes potential short and long-term contracts. However, the positive funding rate is a sign that long contracts are dominating the market.

NEAR Open Interest. Source: Coinglass

This makes the rise in OI a positive sign, which could translate to a price rise.

Secondly, altcoin also notes support from the broader market, which is evident in the Relative Strength Index (RSI). RSI is a momentum oscillator that measures the speed and change of price movements, indicating overbought or oversold conditions in a security. 

Typically ranged between 0 and 100, RSI values above 70 suggest overbought conditions, while values below 30 indicate oversold conditions. Currently, the indicator is holding above the neutral mark at 50.0 in the bullish zone.

Read More: What Is NEAR Protocol (NEAR)?

NEAR RSI. Source: TradingView

This is a sign that NEAR could witness a rise in the coming days.

Near Price Prediction: A Breakout Ahead?

NEAR’s price, trading at $7.1 when writing, has been moving within an ascending triangle. An ascending triangle pattern is a bullish continuation pattern formed by a horizontal resistance line and an upward-sloping trendline, indicating increasing buying pressure. 

A breakout above the resistance level would signal a potential upward trend continuation. Based on the pattern, NEAR is currently observing a target of $9.9. This rise would mark a 31% rally. 

If the above-mentioned conditions persist, a breakout above $7.7 is likely, which could push NEAR’s price above $8.0.

Read More: Near Protocol (NEAR) Price Prediction for 2024

NEAR Price Analysis. Source: TradingView

On the other hand, a breakdown below the uptrend line would result in the altcoin falling below $7.0. This would drag NEAR to $6.5, losing, which would invalidate the bullish thesis.

The post NEAR Price Approaches Breakout: Potential 30% Rally Ahead appeared first on BeInCrypto.

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rally potential breakout price near ahead approaches

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