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NEAR Price Approaches Breakout: Potential 30% Rally Ahead

2 mins
Updated by Ryan James
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In Brief

  • NEAR’s price is aiming to break out of a ascending triangle signalling a 30% rally towards $10.
  • The RSI present in the bullish zone above the neutral mark is hinting at support from the market.
  • Open Interest, owing to the rising optimism among traders, has risen by $100 million in a month.
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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
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.
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.
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.

Top crypto platforms | May 2024

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Aaryamann Shrivastava
As a Mass Media (Journalism) graduate, my journey into cryptocurrency journalism has evolved into a distinguished role as an On-Chain Analyst over the past two and a half years. Collaborating with industry-leading media companies like FXStreet, AMBCrypto, and FXEmpire, I’ve delved deeply into the intricate realms of Crypto and Blockchain, crafting over 2,500 meticulously curated SEO-focused articles. Driven by a commitment to excellence, I remain steadfast in delivering the highest caliber...
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