NEAR Protocol Price Analysis: The NEAR Coin Soars 50% In Just Five Trading Days; Where’s The Next Entry Opportunity?

NEAR Protocol Price Analysis: The NEAR Coin Soars 50% In Just Five Trading Days; Where’s The Next Entry Opportunity?

The NEAR coin displayed an impressive recovery when the price bounced from the 0.5 FIB level with a morning star candle. A possible reason for this sudden surge could be the announcement of MoonPay allowing users to purchase NEAR coins worldwide. The coin is currently aiming to rechallenge the All-time high resistance of $13

Key technical points:

  • The NEAR coin provides a bullish crossover of the 20-and-50-day EMA
  • The intraday trading volume in the NEAR coin is $660.5 Million, indicating a 3.83% gain.
  • Source- NEAR/USD chart by Tradingview

    November initiated a correction phase NEAR coin, which plunged its price to the 0.5 Fibonacci retracement level and lost 40% of its value. However, the coin price obtained sufficient support from this bottom level and displayed a strong recovery in this technical chart.

    The coin price is trading above the crucial EMA levels(20, 50, 100, and 200), maintaining an uptrend. Moreover, the chart also shows a bullish crossover of the 20 and 50 EMA, attracting even more buyers to the coin.

    The daily Relative Strength Index(56) displayed a similar recovery in its value, supporting the ongoing rally.

    NEAR/USD 4-hour Time Frame Chart

    Source- NEAR/USD chart by Tradingview

    So far, the recovery phase of the NEAR coin has surged 50% from the bottom support of $6.5. The coin price also managed to break out from the significant resistance of the $10 mark with strong support from the trading volume. The crypto traders can expect a minor retest to this breakout point, which will provide a better entry opportunity for traders.

    According to traditional pivot levels, the coin traders can expect the nearest resistance for the NEAR price at $11.1, followed by $12.7. As for the opposite end, the support levels are $9.2 and $7.7.

    Source

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