- NEAR Protocol price analysis shows bullish momentum.
- Support for NEAR/USD is present at $11.5.
- Resistance is found at $12.3.
NEAR Protocol price has broken above the $11.6 mark, as the strong bullish momentum has carried the price to the $12 mark, and now, it’s ready to challenge the $12.3 mark. Today’s price function is under strong bullish dominance. And the next resistance of $12.3 is the ATH point of 25th October. The selling pressure is high at this point which is natural, and by breaking above $12.3, the NEAR will mark another record high.
NEAR/USD 1-day price chart: Bulls aim for ATH
The 1-day Near Protocol price analysis shows that the bulls are aiming for another record high as the price trades near the ATH at $12.06 at the time of writing. The NEAR has gained a value of 5.8 percent over the last 24 hours and shows an improvement of 14.2 percent in price value over the last week. The market cap has improved by 5.4 percent and the trading volume increased by 32 percent during the last 24 hours.
The volatility for the NEAR/USD pair is still high as the Bollinger bands ends are still far apart after converging slowly prior. The upper band is at $12.4, which represents resistance for Near and the lower band is at $0.1, making an average at the $10.8 mark.
The relative strength index (RSI) is in the upper half of the neutral zone, trading at index 64 near the overbought zone. But chances are less for it to enter the overbought region. However, the RSI curve is quite steep, indicating high buying in the market.
NEAR Protocol price analysis: Recent developments and further technical indications
The 4-hour NEAR Protocol price analysis shows the NEAR price was on an upward trend for 12 hours, and no bearish intervention was observed during this time, as the price flow was constantly upwards, some selling pressure has build-in, and now the price is moving down as the last candlestick is red indicating the price stepping down from $12.2 to $12.06. However, today’s bullish momentum helped the cryptocurrency gain significant value as the price went high to the extent of nearing the ATH, and there still are chances for NEAR to mark a record high today.
The volatility is quite high on the 4-hour chart as the volatility indicator shows vast expansion with the upper Bollinger band at the $12.1 mark and the lower band at the $10 mark, making an average at the $11 mark. The RSI was on the verge of entering the overbought region but diverted back into the neutral zone as the selling began in the market. The RSI is trading on a downwards curve at index 66 on the 4-hour chart, indicating selling activity in the market for NEAR/USD.
The technical indicators for Near Protocol are strongly on the bullish side as 17 technical indicators suggest buying of NEAR assets, and only one indicator opposes the idea of buying and is giving a sell signal; however, around eight technical indicators stand neutral and don’t favor any side of the market.
NEAR Protocol price analysis: Conclusion
The Near Protocol price analysis suggests the cryptocurrency is highly bullish, and the bulls have covered a good upwards range. After continuing to go up for such a period of time, there are imminent chances for a correction to take place in the coming hours, as the RSI on the 4-hour chart shows selling pressure; therefore, cautious trading is advised beyond this point, as the price is already near the all-time high.
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