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Near Protocol (NEAR) Reaches Highest Price Since April – is $3 Next?

2 mins
Updated by Ryan Boltman
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In Brief

  • The Near Protocol (NEAR) price has broken out from a long-term descending resistance trend line and is nearing a horizontal resistance area.
  • The weekly and daily time frame Relative Strength Index (RSI) both give bullish signs, supporting the continuing of the upward movement.
  • Despite this bullish NEAR price prediction, a daily close below the $2.10 horizontal area will invalidate the breakout and lead to a price drop.
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The Near Protocol (NEAR) price regained its footing on November 28 and is approaching its yearly high.

The increase took NEAR above the pivotal 0.618 Fib retracement resistance level. When will the price reach a new yearly high?

NEAR Approaches Yearly High

The weekly time frame technical analysis shows that the NEAR price had increased since October, when it broke out from a long-term descending resistance trend line. Before the breakout, the trend line had been in place for 440 days.

The upward movement since the breakout has been swift, with the price experiencing only one bearish weekly candlestick (red icon). Also, the altcoin reclaimed a pivotal horizontal resistance area during the upward movement.

Near Protocol (NEAR) Movement
NEAR/USDT Weekly Chart. Source: TradingView

The Relative Strength Index (RSI) is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.

Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite.

The RSI is increasing and is above 50. Furthermore, it generated a bullish divergence (green) before the breakout. This is a bullish sign that often precedes bullish trend reversals.

NEAR Price Prediction: What’s the Next Move?

Similarly to the weekly time frame, the daily time frame chart gives a bullish outlook. This is because of the price action and the RSI readings.

The price action shows that despite an initial rejection (red icon), NEAR broke out from the 0.618 Fib retracement resistance level on December 4. This is a sign that the upward movement is not corrective.

The daily RSI is bullish since it has broken out from its bearish divergence trend line (green). Additionally, it is increasing and is above 50.

Cryptocurrency trader ZaykCharts is extremely bullish about future price prospects. He tweeted that:

$NEAR Descending Channel Breakout is Done as Expected

Expecting Massive Bullish Wave

Osbrah is of the same mind, though he uses a shorter-term chart to conclude.

If the NEAR upward movement continues, the price can increase by another 15% and reach the horizontal resistance at $2.70.

Near Protocol (NEAR) Price Movement
NEAR/USDT Daily Chart. Source: TradingView

Despite this bullish NEAR price prediction, a decrease below the 0.618 Fib level at $2.13 will mean the upward movement is complete. A 25% retracement to $1.80 will then be expected.

For BeInCrypto’s latest crypto market analysis, click here.

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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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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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