Nov 18, 2024
6thTrade
NEAR Protocol (NEAR) has shown strong bullish momentum, surging 29% in the past week and signaling a potential rally toward a $10 price target. This optimism is fueled by a confirmed bullish pennant pattern breakout and subsequent retest, a classic technical structure indicative of upward momentum.
Clear Technical Setup
NEAR has demonstrated robust performance metrics, including a 1.9% 24-hour gain, 29.1% weekly growth, and an impressive 240.3% return over the past year. This surge follows its breakout from an eight-month descending channel, solidifying a bullish technical foundation.
According to technical analyst World Of Charts, the breakout and retest of the pennant pattern suggest a high likelihood of further price appreciation. Historically, such patterns signal sustained upward movement.
NEAR and Comparable Patterns in XRP and BTC
NEAR’s price currently trades between $5.12 and $5.63 over a 24-hour range, with a seven-day high of $5.73. Over the past 14 days, it has gained 34.6%, with a 7.4% increase in the last month. Despite this momentum, NEAR remains 73.9% below its all-time high of $20.44, reached in January 2022.
Analysts have drawn parallels between NEAR’s current price structure and those observed in Bitcoin (BTC) and XRP. Both BTC and XRP experienced significant rallies after forming similar breakout patterns and testing key upper-range support levels. NEAR appears to be mirroring these successful setups, further bolstering confidence in its midterm prospects.
Path to $10
Trading above the bullish pennant, NEAR’s structural characteristics point toward continued ascent. While resistance levels could slow progress temporarily, the technical framework offers traders well-defined entry points and risk management parameters. Analysts are closely watching trading volumes for confirmation of sustained momentum.
Overall, NEAR’s recent breakout, combined with its historical performance and favorable technical patterns, supports the projection of a rally toward $10. Traders and investors are optimistic as NEAR continues to consolidate its bullish trajectory.
