The NEAR price action forms an inverted head and shoulder pattern with a neckline at $4.75. Will buyers manage to beat the seller’s neckline? Key Technical Points: The Near Protocol prices show a bull run of 15% over the past two days. The growing bullish influence results in a bullish crossover of the 50 and 100 SMA. With a market cap of $3.47 billion, the intraday trading volume of Near Protocol has dropped by 18% to reach $427 million. Past Performance of NEAR As predicted in our previous article, the NEAR price sustains about the $3.50 horizontal table to challenge the $4.75 mark. Furthermore, the bullish reversal creates an inverted head and shoulder pattern in the 4-hour technical chart with the neckline at the $84.75 horizontal level. Additionally, the increased buying pressure evident by the increased trading volume projects a high possibility of a bullish breakout. Source – Tradingview NEAR Technical Analysis If the NEAR price trend breaks above the $4.75 resistance level, the breakout rally can reach the overhead resistance of $5.69. Hence, traders can expect the market value to jump by 20% if the buying pressure sustains. With the recent bullish crossover of the 50 and 100 SMA, the crucial SMAs in the 4-hour chart regain a positive alignment. The RSI slope maintains a gradual uptrend above the halfway line and exceeds the 14 days average line. Hence, the technical indicator represents an increase in the underlying b...
