Near Protocol (NEAR) broke above a key descending trendline after many months and if the demand for NEAR is constant at the present price, the bulls could charge and the prices could further appreciate.
NEAR token has been on a downtrend for the past few months, making lower highs. Crypto Pulse, a crypto signal platform, picked up the NEAR token, breaking the downtrend line. The X post from Crypto Pulse stated, “price is now eyeing a retest of the breakout zone around $2.75–$2.90. Hold above this demand → opens the path toward $3.60+ and potentially higher.”
Near protocol held above this support level and has appreciated to $3 gaining more than 10% during the past week. In addition to the price appreciation, the trading value has also gone up to $366 million, up by 0.44% during the past 24 hours.
On daily chart, NEAR has broken out from a bullish symmetrical triangle. When the symmetrical triangle forms, buyers keep pushing the prices higher but fail to achieve previous highs. So do the sellers, but fail to reach previous lows. With neither taking over the market, the price movement shrinks to a tighter range with less volatility.
NEAR eyes $4.65 but $3.56 obstructs
But since it’s broken out from the triangle, it should continue moving higher. As per the book, when a symmetrical triangle breaks out, the value of the token surges by the height of the wedge at the widest part of the triangle. Let’s say NEAR plays by the book, then, there is a high chance that the token could reach as high as $4.65, after it breaks the resistance level at $3.56. Looking at the technical indicators, there is no reason, at least as of now, for NEAR not to reach higher.
For instance, the 50-day Moving Average (MA) has crossed the 200-day MA from below, and a Golden Cross has occurred. This is a bullish signal that traders use to enter into the long positions. Even the Relative Strength Index is neutral, meaning that there is space for the NEAR to venture higher.
