Near Protocol: Bullish Pennant Breakout And Retest Signal Midterm Rally

Near Protocol (NEAR) is showing strong bullish momentum as it approaches key resistance levels. Technical analysts are pointing to a potential rally toward $10 following a clear pennant pattern breakout and retest.

Clear Technical Structure

The token has demonstrated impressive performance metrics — a 1.9% 24-hour gain, a 29.1% weekly increase, and a remarkable 240.3% yearly return.

NEAR has established a clear technical structure after breaking out of an eight-month descending channel.

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According to analyst World Of Charts, the bullish pennant breakout and subsequent retest suggest strong potential for continued ascent toward the $10 target.

This projection is supported by the completion of the breakout and retest pattern, which historically signals sustained upward momentum.

Analyst Compares NEAR Pattern To That of XRP

NEAR is trading within a 24-hour range of $5.12 to $5.63. Also, the seven-day range extends from $4.16 to $5.73.

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The token has achieved a 34.6% gain over fourteen days, with a 7.4% increase over the past month.

Despite these gains, NEAR protocol remains 73.9% below its all-time high of $20.44 reached in January 2022.

An analyst noted that the price touched the channel top before returning to a higher support zone. The pattern has been validated by three distinct reversals off the trend top, confirming the local structure.

This setup mirrors successful formations of both Bitcoin (BTC) and XRP. BTC and XRP have broken out after testing upper-range support levels.

NEAR Could Continue its Journey to $10

The analyst’s comparison of Bitcoin and XRP movements provides crucial context for the current setup. Both major cryptocurrencies demonstrated similar channel formations.

These formations resulted in substantial rallies after completing comparable technical patterns.

The current NEAR setup shows identical structural characteristics. Therefore, there’s a high probability of it following a similar trajectory.

With NEAR now trading above the pennant formation, analysts are closely monitoring volume profiles for confirmation of sustained momentum.

The technical structure suggests potential for continued upward movement. However, resistance levels may present temporary obstacles to the $10 target.

The current setup offers traders a well-defined framework for position management. There are clear entry points and risk parameters.

The comprehensive analysis indicates that NEAR protocol’s recent performance and technical setup suggest it is poised for a price appreciation.