Altcoin is trying to break the formidable resistance!
NEAR Protocol (NEAR) was able to recover half of the January fall. NEAR Protocol (NEAR) exited its consolidation pattern for about a month on March 23 and has been on the rise ever since. The altcoin has been falling ever since it reached its all-time high of $20.59 on January 14. The downside move dropped to $7.38 on February 24. The price has been moving upwards since then. So far, it has reached $14.70 on March 30. The high was made at the 0.5 Fib retracement resistance level. It is also trading at its highest price since January 20
Crypto trader @PostyXBT tweeted the NEAR chart, noting that the price could rise to $13. The price has reached this level since the tweet and is currently attempting a breakout.
Will the NEAR Price Explode?
Technical indicators on the daily time frame support the continuation of the upward move. This can be seen by the fact that both the MACD and the RSI are increasing and crossing their bullish thresholds. The MACD is positive and the RSI is above the 50 levels, both signs of an uptrend.
NEAR Daily Price Analysis
Symmetrical triangles are part of either wave 4 or wave B. The latter most likely applies to NEAR. In case the C wave extends on the chart, the upside potential in the short term seems limited to $17.95.
The NEAR/BTC pair is mostly bullish. The altcoin stopped its decline by bouncing around the 23,000 satoshi horizontal support area (green icon) on February 28. The area had previously acted as an all-time high resistance so it's important to validate as support. Since then, the price has been moving upwards. A breakout for the altcoin is expected to accelerate the rate of increase.