NEAR Protocol’s 95% Surge Targets $11

With a bullish trend in play, the 95% surge in NEAR Protocol suggests potential price targets of $9.50 and $11.

In the daily chart, the NEAR token price shows a V-shaped recovery rally gaining momentum. With the broader market recovery, the NEAR token price has surged from the $3.50 mark to the current market price of $6.833.

This accounts for a massive 95% price surge in the last three weeks. Will this recovery rally result in a price surge beyond the $10 psychological mark? Let’s find out.

Near Token Price Analysis

Before the V-shaped reversal, NEAR Protocol’s price trend showed a breakout from a falling channel rally. However, it struggled to break above the 50% Fibonacci level at $5.89, which led to a drop to the $3.50 mark.

The ongoing recovery rally has seen only 6 out of 21 bearish candles over the past 21 days. Currently, another potential bearish candle is forming with an intraday pullback of 0.52%.

Despite the intraday pullback, NEAR’s price trend showcases four consecutive bullish candles, accounting for a price surge of nearly 30%. The intraday pullback showcases a higher price rejection from the 78.60% Fibonacci level at $7.263. 

The underlying surge in buying pressure has resulted in a golden crossover and a bullish crossover between the 100-day and 200-day EMA lines. The RSI line has entered the overbought zone as the altcoin struggles to sustain dominance above the $7.00 mark, increasing the possibility of a minor pullback. 

Near Protocol Price Targets $11 Amid Increased Volatility

Amid the retest chances, the 61.80% Fibonacci level remains the immediate support level. This support level is priced at $6.458. Given the overall uptrend, a breakout above the 78.60% Fibonacci level would likely target the $8.29 mark.

Further upside price targets are at the 1.272 and 1.618 Fibonacci levels, which are priced at $9.59 and $11.25, respectively.