NEAR Price Eyes 20% Move For A Rising Channel Breakout
The post NEAR Price Eyes 20% Move For A Rising Channel Breakout appeared first on Coinpedia Fintech News
Amidst the broader market recovery, the bull run is gaining momentum in the altcoins. With the additional boost from the recovering market, the NEAR price trend shows an upcycle ready to head higher.
Taking a positive stand at a crucial support, the Near token teases a massive jump in the coming days. Will the bull run in this altcoin surpass $10 for an extended breakout rally? Find out more in our NEAR price prediction, which projects a sprint beyond $10 in 2024.
Rising Channel Trend In Near TokenWith a rising channel pattern visible in the daily chart, the NEAR token price shows an uptrend continuation. Further, the rising trend teases a new upcycle following the pullback phase last week, accounting for a 13% drop.
The overnight jump of 4.27% forms a bullish engulfing candle to make a morning star pattern at the crucial support trendline. This increases the chances of a positive cycle and aims the overhead resistance trendline.
Currently, the NEAR price trades at $7.584, with an intraday growth of 2.18%, continuing the bullish momentum. Further, the 20% jump in the trading volume supports the upcycle chances.
Technical indicator:
RSI: The daily RSI line shows a positive cycle crossing above the halfway line, reflecting a surge in demand.
MACD: With an uptick in the MACD and Signal lines, a bullish crossover is possible to signal an uptrend.
Will The NEAR Price Cross $10?With the bullish trend in motion, the NEAR price sustains above the $7 mark and offers a buying opportunity for the sideline traders. As per the trend-based Fibonacci levels, the uptrend could aim as high as $12.39. On the flip side, a slip under the support trendline could drop the altcoin to $6.125.