Sep 30, 2024
6thTrade
NEAR Protocol has been on quite a bullish ride recently, gaining over 50% in value over the past two weeks. Despite hitting a key resistance level that has temporarily slowed its momentum, NEAR remains well-positioned for a potential breakout, one that could see the altcoin surging another 45%. For investors and traders, keeping NEAR on the radar as it approaches this breakout could be a smart move.
NEAR Approaches a Multi-Month High
The recent dip in price hasnât shaken investor confidence in NEAR. In fact, sentiment remains positive, as evidenced by the funding rate staying favorable. This is a strong signal that the market still leans towards optimism, with many traders betting on NEAR's continued upward trajectory. A positive funding rate implies that long positions dominate, and as long as this trend holds, NEAR is likely to see strong support for its price. This level of market confidence provides a solid foundation for the next potential rally.
Strong Macro Momentum and Key Indicators
From a broader perspective, NEAR's macro momentum looks solid, bolstered by crucial technical indicators. One standout is the Chaikin Money Flow (CMF), which tracks the flow of capital into and out of the asset. Since early August, NEAR's CMF has been steadily climbing, reflecting increasing buying pressure. Right now, the CMF remains above the neutral line, a sign of strong inflows that continue to support the bullish trend. This upward momentum suggests that NEAR has the strength to push through key resistance levels and continue its ascent.
NEAR Price Prediction: Navigating Key Levels
Currently, NEAR is trading at $5.31 after an initial attempt to break past a significant resistance level at $5.74 fell short. This price point has played a pivotal role for NEAR, acting both as a barrier and a foundation in the past. Successfully breaching this level could unlock a bigger rally, setting NEAR on a path towards even greater heights.
A key technical pattern, the double-bottom, also adds weight to the bullish outlook. If NEAR manages to break past the $5.74 resistance, this pattern suggests a potential 45% rally, targeting a price of $7.47. However, for this bullish scenario to fully play out, NEAR will also need to secure $6.37 as a strong support level. Flipping this resistance into support would create a base for further growth. On the flip side, failing to do so might see NEAR consolidating above $5.13, which would delay the next upward push and potentially invalidate the immediate bullish outlook. $NEAR
Conclusion: Optimism Remains as NEAR Tests Key Levels
Overall, NEAR is in a strong position despite facing some resistance. The combination of positive funding rates and increasing buying pressure, as indicated by the CMF, shows that traders are still hopeful about NEARâs future. The next key step is for NEAR to conquer the $5.74 resistance and turn $6.37 into solid support. If it manages this, a 45% rally could very well be on the horizon, with $7.47 being the target to watch.
For now, NEARâs journey upwards continues to be one of resilience, and the technical indicators suggest that the bulls are far from done. Keeping a close eye on these critical levels could provide an exciting opportunity for those ready to ride the wave.
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Disclaimer: The content of this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and may lead to substantial financial loss. Always perform your own research and consult a qualified financial advisor before making any investment decisions. The opinions expressed are solely those of the author and do not represent the views of the publisher or its affiliates. Investing in cryptocurrencies involves inherent risks, and past performance is not a reliable indicator of future results. Please exercise caution.
