NEAR shows potential breakout, aiming for a $6 price target.
Support at $3.49 and resistance around $4.28 are key levels to watch.
Bullish signals and technical patterns suggest upward momentum if NEAR breaks resistance.
NEAR Protocol (NEAR) is showing signs of a potential breakout amid a fresh bull cycle. The token has been stuck in a downward channel for a while. With the market showing bullish signals, NEAR's technical patterns hint at a possible rise to $6 if it can break its resistance.
Channel Breakout Attempts by NEAR Token
The daily chart reveals NEAR in a prolonged descending channel, marked by lower highs and a strong resistance trendline. This bearish pattern has kept NEAR in a downtrend.
However, support at $3.49 is holding firm and could trigger a breakout if NEAR surpasses the resistance. Recently, NEAR struggled to break the resistance, dropping 2.26% from $4.28 to $4.19.
This decline continued, leading to a 9.54% drop over three days. Despite this, NEAR rebounded with an intraday gain of 3.84%, climbing back to $4.28.
This recovery created a bullish engulfing candle, suggesting a potential bullish shift within the falling channel. The MACD indicator presents mixed signals.
Although there’s a risk of a bearish crossover, the recent gain hints at possible upward momentum. The RSI is also rising, now at 48.14, showing strength as it nears the halfway mark.
Bullish Targets For NEAR Protocol
NEAR’s momentum is growing as it nears the critical support level of $3.49. This increase in trend momentum boosts the chances of a breakout.
Fibonacci levels point to key resistance at $4.62 and $5.32, corresponding to the 23.60% and 38.20% retracement levels. Reaching these levels could mean a 32% gain.
In the short term, NEAR needs to break the $4.28 resistance and maintain its position above $3.49. If the bullish trend continues, the price of the token could surge to $6.
The post NEAR’s Path to $6 Hasten as Fresh Bullish Momentum Signals a Potential Breakout appeared first on Crypto News Land.
