[What’s driving NEAR price to 440-day high? 】
Recent technical analysis found that the NEAR token broke out of a 540-day downtrend line since November. The shift initially grew slowly but accelerated this week, forming a significant bullish candle that saw the NEAR token rise by 55%, successfully breaking out of the long-term horizontal resistance zone.
Using the RSI (relative strength index) as a momentum assessment tool, traders can identify overbought or oversold conditions in the market. When the RSI exceeds 50 and is trending upward, it shows that bullish (bullish) markets are dominant. Currently, NEAR's weekly RSI is not only above 50, but has crossed 70, showing further strengthening of momentum, a clear sign of a bullish market.
Technical analysis on the daily time frame also supports the bullish view. The NEAR coin broke out of an ascending parallel channel that existed since October, accelerating yesterday’s uptrend. NEAR managed to overcome two major resistance areas at $2.7 and $3.4.
If NEAR can maintain a close above $3.4, it has the potential to grow another 50% to reach the next resistance level at $5. However, a close below $3.4 could result in a 20% drop back to the $2.7 support area.
