Here’s Why Near Protocol Coin’s 16% Jump Is Only the Beginning

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Brian Bollinger Over the past five months, the Near protocol coin price has been in a steady decline. The formation of a falling channel pattern was evident as the price fluctuated between two parallel trendlines during this downfall. The trades can still find excellent long-entry opportunities after breaking the pattern resistance trendline, even though the pattern is in a downtrend. AdvertisementKey points: The price for an early 18% increase was set by the Near protocol coin breakout from resistance trendline.
The daily RSI shows a sharp breakout at the midline, indicating intense buying pressure in markets.
The intraday trading volume at the NEAR price is $322.5 million, which indicates a 327% increase.
Source: TradingviewThe falling Near protocol coin price has risen above the $1.23 support amid uncertainty in the crypto market. The price has rebounded twice within the last three weeks from this support, indicating that buyers are actively protecting this level. On January 1, the Near protocol coin price fell below the $1.23 support. This was due to the majority cryptocurrency witnessing a new year rally. The coin price increased for four consecutive days, registering a 26% gain. Trending StoriesAlso read: Crypto Prices Today Altcoins See Massive Rises, Solana Soars by 17.04% The rising volume action also shows the buyers’ strong interest in chasing higher prices. If the price rises above the trendline, it could lead to prices reaching $1.83. However, an ideal target for this technical setup would be the higher swing high of this pattern, which for the NEAR price is $6.12.On a contrary note, if the coin price plunge below the trendline again, the bullish ones will get invalidated.Technical IndicatorRelative strength indicator: contrary to the falling price, the RSI slope rising high indicate the market participants are in favor of a bullish recovery.advertisementEMAs: the rising price breaks above the 20-day EMA, indicating an early sign of trend reversal.Near Protocol coin intraday price levelsSpot price: $1.5
Trend: Bullish
Volatility Low
Resistance level: $1.83 and $2.3
Support level: $1.48 and 1.23
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