NEAR Protocol Price Soars: Bullish Trends Signal Potential for Continued Price Ascension

The $NEAR Protocol price (NEAR) has displayed notable fluctuations on the 4-hour chart, showcasing a series of price actions that merit close examination by traders and investors alike. After oscillating between $7.138 and $6.883, the token recently surged to a high of $7.167 before an even more substantial climb to $9.00, indicating a potential breakout from its previous trading range.

The 9 Exponential Moving Average (EMA) and the 20 EMA have provided strong support for the price. The 9 EMA has ascended from $6.688 to $6.892, closely tracking the price's upward trajectory and indicating sustained bullish momentum. Similarly, the 20 EMA has steadily increased from $6.346 to $6.571, reinforcing the support level and confirming a bullish market structure.

The Moving Average Convergence Divergence (MACD) further supports this optimistic outlook. Over the observed period, the MACD line has consistently remained above the signal line, with the histogram values showing a slight decrease but still staying positive. This suggests that while the upward momentum might be slowing, the overall trend remains upward.

The Relative Strength Index (RSI) has occasionally entered the overbought territory, peaking at 76.31, which traditionally suggests a potential price reversal or consolidation. However, subsequent readings around 71 and 65 indicate healthy corrections rather than a sharp downturn.

NEAR is now approaching significant resistance levels at $7.185, $7.226, and $7.295. A convincing break above these levels could pave the way for further gains. On the downside, support levels are identified at $6.945, $6.938, and $6.923. These levels are crucial for maintaining the bullish scenario; a drop below could indicate a shift towards a bearish bias. #NEAR #BullorBear #TrendingPredictions
The full analysis and trade strategy were originally posted on ecoinimist.com.