NEAR price continues to print gains for second session in a row. The price is up close to 17% in the past two days, indicating a strong bullish undercurrent.
NEAR is up 7% as the weekend kicks in. Buyers can expect the rally to continue towards all-time highs around $20.50. Volumes are up 41% in the last 24 hours, indicating strength in the current price action.
NEAR price continues north
The NEAR price has risen 152% since Feb. 24, indicating the presence of ongoing buying pressure. This move comes after NEAR managed to hold the supply zone from $10.80 to $12.0. The swing high and low during this uptrend marked as local top and bottom, forming a perfect uptrend channel.
Source: Trade View
The rising trendline, which extends from the lows of $7.39, is acting as a support for the bulls. In addition, the price broke the critical horizontal resistance level of $15.80. The move was supported by above-average volumes.
Now, continued buying pressure would put the record high of $20.46 on Jan. 16 back into action.
Rather, a shift in buying sentiment along with a daily candlestick below the session lows would invalidate the bullish outlook. In this case, the first downside target could be found at the April 1 lows at $12.55.
A break below the bullish slopping line will accelerate the sale towards the horizontal support at $11.10.
At press time, NEAR/USD stands at $18.82, up 5.98% for the day. The 24-hour trading volume is up more than 41% in the 24 hours to $2,905,572,243.
MACD: The moving average convergence divergence is well above the central line with a bullish bias.
RSI: The daily Relative Strength Index is approaching 71. While the oscillator is trading just near the overbought area, it still has room to stay in the zone for an extended period of time in the event of a very bullish scenario.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post Keep an eye out for the all-time highs around $20.50
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