Keep Eyes On Record Highs Around $20.50

NEAR price continues to print gains for the second session in a row. The price shows an ascent of nearly 17% in the past two days indicating a strong bullish undercurrent.

• NEAR surges, by 7% as the weekend begins.
• The buyers can expect the continuation of the rally to all-time-highs placed around $20.50.
• The volumes gain 41% in the past 24-hours indicating strength in the current price action.

NEAR price continues north

NEAR price rallied 152% since February 24, indicating the presence of sustained buying pressure. This move comes after NEAR managed to hold the $10.80 to $12.0 supply zone. The swing high and low during this uptrend marked as local top and bottom, forming a perfect upside channel.

The ascending trend line, which is extending from the lows of $7.39 acts as a support for the bulls. Furthermore, the price breached the critical horizontal resistance level at $15.80. The move was supported by above the average volumes.

Now, a continuous buying pressure would bring the record highs of $20.46 made on January 16 back in action.

On the contrary, a shift in the buying sentiment along with a daily candlestick below the session’s lows would invalidate the bullish outlook. In this case, the first downside target could be found at the lows of April 1 at $12.55.

A break below the bullish slopping line will accelerate the selling toward the horizontal support at $11.10.

As of press time, NEAR/USD reads at $18.82, up 5.98% for the day. The 24-hour trading volume gains more than 41% in the 24-hours to $2,905,572,243.

Technical indicators:

MACD: The Moving Average Convergence Divergence stands strong above the central line with a bullish bias.

RSI: The daily Relative Strength Index approaches at 71. Although the oscillator trades just near the overbought territory, still it has the scope to stay in the zone for a longer period of time in the case of a highly bullish scenario.

About Author

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.