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Breaking NEAR Breaks $2 For the First Time in 7 Months: Is a New Yearly High Next?

2 mins
Updated by Ryan Boltman
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In Brief

  • The Near Protocol (NEAR) price has reclaimed $2 for the first time since April 30, hitting a fresh 7 month high of $2.15.
  • The 24-hour increase of more than 12% has seen NEAR move above ICP for spot $35 in the cryptocurrency rankings.
  • Despite the bullish NEAR price prediction, failure to break out from the $2.70 resistance can lead to a sharp decrease.
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The Near Protocol (NEAR) price has increased swiftly since breaking out from a descending parallel channel in October.

The increase took the price above the $1.60 resistance area to a high of $2.15 today. Will the price reach a new yearly high?

NEAR Accelerates Increase After Breakout

The NEAR price had decreased inside a descending parallel channel since the start of the year. Both the resistance and support trend lines have been validated numerous times during the decrease.

After a rejection from the trend line on October 2 (red icon), NEAR culminated with a low of $0.98 on October 18.

However, the altcoin began a rapid upward movement afterward. So far, it has increased by 120% in 32 days, culminating with a high of $2.15 today. This is the highest price since April, 2023.

NEAR broke out from the $1.60 horizontal resistance area during the ascent and accelerated its increase even further.

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

Market traders use the Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

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

The weekly RSI is above 50 and increasing both positive signs. Also, the indicator broke out from its bearish divergence trend line (green).

What Are Analysts Saying?

Cryptocurrency traders on X are bullish for the future NEAR price prospects.

Investmox noticed a significant increase in long-term volume, which he believes will precede a similar increase in price.

NEAR Price Movement
NEAR/USDT Weekly Chart. Source: X

Trader Fred is also bullish, outlining a short-term uptrend that he believes will continue.

On the other hand, Baba is not as bullish about the future short-term trend. He stated that

We are in the middle of a strong resistance zone with a clearly identified overbought on the $NEAR token of #NEARProtocol

But we can already speculate that the options available to us are: – Either we accumulate in this area and we look for the next resistance around $1.9 and we continue the race – Either we retrace on this zone and then look for a more distant resistance around $2.1

NEAR Price Prediction: Yearly High Within Reach?

The weekly chart supports the continuation of the NEAR price increase. The chart shows that the altcoin also broke out from a 440-day descending resistance trend line.

A significant bullish divergence in the weekly RSI preceded the increase. Such a divergence occurs when a momentum increase accompanies a price decrease. It often leads to bullish trend reversals.

The fact that the RSI is now above 50 further supports this possibility. The main resistance area is at $2.70. If NEAR breaks out above it, it can increase by 150% to the next resistance at $5.50. 

NEAR Price Prediction
NEAR/USDT Weekly Chart. Source: TradingView

Despite this bullish NEAR price prediction, a rejection from the $2.70 resistance area can lead to a 30% drop to the closest support at $1.50.

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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