Bulls are coming back quickly, hurry up đNEAR price is close to a breakout: 30% upside is possible in the future
NEARUSD is expected to see a bull run in the coming trading sessions, but only if it is able to break through a key resistance level first.
Increased inflows into the near-protocol
NEAR's price has seen bullish signals from traders who have been expecting a price increase for nearly a month.
The value of open interest has exceeded $100 million in the past month. Although this includes potential short-term and long-term contracts, the positive funding rate indicates that long contracts dominate the market.
This makes the increase in open interest a positive sign that could translate into price increases.
Another factor supporting NEAR's price is the support of the broad market, which is evident in the relative strength index (RSI).
The RSI is a momentum oscillator that measures the speed and change of price movements, indicating overbought or oversold conditions for a security. Typically fluctuating between 0 and 100, RSI values ââabove 70 indicate overbought conditions, while those below 30 indicate oversold conditions.
Currently, the RSI indicator remains above the neutral mark of 50.0, in the bullish territory. This suggests that NEAR could see an upside move in the coming days.
The price of NEAR, trading at $7.1 at press time, has been moving inside an ascending triangle. The ascending triangle pattern is a bullish continuation pattern formed by a horizontal resistance line and an upward sloping trendline, indicating increased buying pressure.
A breakout above the resistance level would indicate a potential uptrend continuation. According to this pattern, NEAR currently has a target price of $9.9, which would mark a 31% gain.
If the above conditions persist, a breakout above $7.7 is possible, which could push the price of NEAR above $8.0.
On the other hand, a breakout below the ascending trendline would see the price of NEAR fall below $7.0, which would drag NEAR down to $6.5, invalidating the bullish thesis.
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