Near Protocol (NEAR) Price Could Increase Nearly 50% in December, Here’s Why?
The price of Near Protocol (NEAR) has held steady above a crucial support level last week and formed short-term bullish signals. It has the potential to soon rise to higher levels.
The Near Protocol (NEAR) price broke above the significant resistance zone at $1.65 and confirmed it as support during the weeks of November 6-12 and November 13-19 (2 green arrows).
The second confirming candle is a strong bullish candle with substantial trading volume, signaling the end of the preceding downtrend.
The fact that last week’s bearish candle couldn’t push the price below $1.65 is a sign of strong buying pressure.
The weekly RSI (Relative Strength Index) has surged above the 50 level and is sloping upward, supporting the continuation of the uptrend.
Therefore, the NEAR price could rise to the next significant resistance zone at $2.7 in December. This figure corresponds to a 46.04% increase from the current price.
Double Bottom Pattern
The 4-hour chart shows that the NEAR price has twice bounced up from the small support zone at $1.73. This has formed a double bottom pattern, often leading to the continuation of the previous uptrend.
The 4-hour RSI has also formed a bullish divergence and crossed above the 50 level, supporting this perspective.
Therefore, the NEAR price could break above the small resistance zone at $1.9 and rise to the next resistance zone at $2.2 in the coming days.
The most likely scenario suggests that the NEAR price will continue to rise in the near future. The nearest target is $2.2, with a higher target of $2.7.
This bullish outlook would be invalidated if the NEAR price breaks below the crucial support zone at $1.65 on the weekly timeframe.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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