Positive Long-term Trend Could Help NEAR Rally At Least 30%

NEAR Protocol (NEAR) has broken out the long-term ascending resistance line and formed a bullish pattern, indicating it is expected to continue rising in the near future.

Long-term outlook

NEAR Protocol (NEAR)  has fallen below a long-term descending resistance line since hitting its all-time high at $20 in April 2022. During this period, it reached a low of $1.24 in late December and caused a breakdown from the long-term support zone at $1.8.

However, the price recovered shortly afterwards and regained the $1.8 zone, indicating that the earlier breakdown was just a deviation and often leads to a strong uptrend.

Indeed, this uptrend has helped the price breakout the long-term resistance line. This is a bullish development, suggesting that the long-term downtrend may have ended.

The price is currently approaching a strong resistance zone at $2.8, formed by a horizontal resistance zone and the 20-week EMA line. Breaking through this zone would indicate that the trend is up, and the price may rise to the next long-term resistance at $5.8.

Price action supports the possibility of a breakout, as it just formed a bullish engulfing pattern last week.

NEAR/USDT weekly chart. Source: TradingView

Ascending triangle

After the recent uptrend alongside the market since the beginning of the year, NEAR has consolidated within an ascending triangle. This is a bullish pattern and often leads to a breakout in most cases.

After bouncing off the triangle’s support line on February 14, NEAR is currently challenging the triangle’s resistance line ($2.8).

The RSI indicator has broken out its descending resistance line. This action often leads to a similar action in price movements. Therefore, NEAR’s price is likely to break out of the triangle and head towards the horizontal resistance zone at $3.4, marking an increase of nearly 30% from the current price level.

Conversely, being rejected could cause the price to test the triangle’s support line at $2.2 again.

The upsloping moving averages and the RSI indicator is above 50, indicating that the path of least resistance is upside.

NEAR/USDT daily chart. Source: TradingView


NEAR’s long-term downtrend may have ended, and the price is likely to break out the resistance zone at $2.8 in the coming days. If successful, it could quickly rise to $3.4 and even higher to the long-term resistance zone at $5.8.

This bullish outlook may be invalidated if the price breaks down below the triangle.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like