NEAR Bulls Charge For 20% Profits As Crypto Trades In Green In Last 24 Hours

The NEAR market was experiencing bearish activity for some time, but bulls recently increased their speed with a rally.

NEAR’s price movement has turned positive after recent bear market activity. Coingecko data shows that NEAR experienced a series of price increases and decreases before the bulls charged back on September 8.

Bulls aim to make 20% profit as crypto has been trading in green for the last 24hrs.

There have been 3 notable price moves in the past 2 days. On September 7, there was an enormous jump and then, later in the day, a significant drop. On September 8, the price rose further and reached a new peak.

According to a new study, several indicators favor bulls.

NEAR shows aggressive upward pace

The Near Protocol weekly chart displayed a “Bullish Bat Harmonic” pattern, indicating an upward trend. The second top in such bullish pattern, on the other hand, is lower than the first.

Analysts believe this is evidence that the current trend will not change.

Support for upwards has been provided by the $4.30 level, while resistance has come from $4.60. As with all funding, there are always risks of a downstroke.

Some market observers caution that a bear breakout at $4.30 would be detrimental for the uptrend. A theoretical bear breakout at $4.30 could drive the price up to $3.80. But patterns suggest otherwise.

The price also formed another reverse sequence. The price exhibited an inverted “Head and Shoulders” formation.

Bullish Reversal Seen To Regain Investor Confidence

Bullish trends are possible if the price can break above its neckline at $4.56 and the resistance at 50-day exponential moving mean. We can then anticipate that the price will retest or break its swing high, and possibly even surpass it.

Investor confidence can be restored after a prolonged period of bearish momentum. NEAR has an RSI of 67, which is within the ideal range. If the RSI indicator consistently falls in the middle, it is not an indication that the token is being either overbought/oversold.

NEAR traders will be pleased to see the bullish rebound after a long bearish period. The token may see a rally to relieve fears about a continued fall.

With this upward trend, this may be the only glimmer of hope in the dreaded crypto winter.

NEAR to total market capital at $3.5 Billion on daily chart| Source:
Featured Image from BingX blog, Chart from

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