Rising higher with an intense increase in the trading volume, the demand for the NEAR token has exploded over the last few weeks. The uptrend marks seven bullish weeks out of the last eight weeks, as NEAR price continues a rally of 115%.
With a sharp reversal to end 2023 on a bullish note, the NEAR price sustains and picks up extra pace to trend higher. Therefore, the chances of a bull run continuing for Near protocol is increasing significantly.
Source – Tradingview
Surpassing the 50W EMA, the NEAR price rides the bullish highway at full speed as the overall market recovers and Bitcoin sustains above $41K. The uptrend gives more than double the return as it bounces from the psychological mark of $1 to cross $2.20.
Further, the uptrend reflects a boost in the underlying demand supporting the possibility of an extended run to $3.
The exponentially linear rise shows a potential rounding reversal forming with a neckline at $2.71. Currently, the NEAR token price surpasses the 78.60% Fibonacci retracement level and teases a jump to $2.93 or the 61.80% level.
In the daily chart, the trend momentum grows and shows multiple bullish candles forming to reflect the improving sentiments. Therefore, the bullish dominance is clear in the short-term trend teasing further recovery.
Technical indicators:
EMA: With a golden crossover, the 50D and 200D EMAs certify a trend reversal and regain bullish alignment. Further, the ongoing recovery rally crosses the 50Week EMA reflecting the strong uptrend.
RSI indicator: The weekly RSI line reflects a growing trend as it spikes to approach the overbought boundary.
Will NEAR Price Reach $3?
Despite a decent YTD growth of 80%, the NEAR price trend shows a high momentum reversal rally ready to enter 2024 with a bang. The growing possibility of a bull run with the $2.28 breakout increases the attention of sideline traders on Near Protocol.
With a high possibility of a breakout rally reaching the $3 mark, the buyers are lining up fast as the market recovery reflects improving sentiments.
On the flipside, a reversal from $2.50 can retest the bullish breakout of $2.28.
Source: https://coinpedia.org/price-analysis/near-price-gives-eye-popping-115-rally-hints-at-3-breakout/