The price of Near Protocol (NEAR) is rising again after consolidating under a critical resistance level for almost a month. It surpassed that price level yesterday with a 12% gain but is now dropping to retest it.
So far, Near’s price has formed a notable high and low during the year’s first quarter. This comes with a series of rejections as trading moved from little-to-no volatility, causing a squeeze around the $2 level up till last week.
This week came with improved volatility as the buyers began to show interest. The price flipped through the mentioned level and retested last month’s sell point of $2.24 yesterday. It saw a rejection there and paused pressure.
Connecting last December’s and March’s low together, Near formed a “higher low” and, at the same time, found support on the white ascending trendline. The price must also advance above February’s high to form a “higher high” for a bullish confirmation.
Now that the price slowly builds up for a bullish rally, a dump below the four-month trendline could cause a breakdown for a serious sell action. The chance for a dump is not visible now due to the latest positive actions.
It has started to gain traction following a double-digit increase in a week. This surge puts the crypto asset in the second best-gainer spot at the time of writing.
NEAR’s Key Level To Watch
if volatility continues to increase, the immediate resistance level to watch is $2.5 before rising to the crucial resistance level of $2.73. Breaking through that level, it may encounter resistance at the $3 level on its way to $3.27 and $3.45.
The $2 level currently remains the closest support for a drop. If the price dumps below it, the next area to consider as support lies at $1.8 and $1.67. After that, the following support is $1.4.
Key Resistance Levels: $2.73, $3.27, $3.45
Key Support Levels: $1.8, $1.67, $1.4
- Spot Price: $2.17
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: inueng/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/near-protocol-price-analysis-prediction-april-13th-near-gains-10-overnight-signals-bullish-amid-latest-recovery/