Near Protocol Price Forecast: NEAR kicks starts its 100% bounce
- Near Protocol price has registered a 21% recovery rally after retesting the $2.57 to $2.70 resistance level.
- Investors can expect this bounce to continue until it retests the $5.87 weekly hurdle.
- A decisive three-day candlestick close below $2.57 will invalidate the bullish thesis for NEAR.
Near Protocol (NEAR) price has shown clear signs of flipping the $2.70 resistance level into a support floor. This development confirms interest from sidelined buyers, willing to accumulate NEAR. This bounce is most likely going to lead to massive gains in the next few weeks.
Also read: Dogecoin price eyes double digit gains as DOGE bulls make a comeback
Near Protocol price ready to bounce
Near Protocol price breached the $2.57 to $2.70 resistance zone on December 18, 2023. This breakout was followed by a 62% rally, which led to a local top formation at $4.63. As the broader cryptocurrency market suffered a 47% sell-off, NEAR retested the recently flipped hurdle into a support floor.
Despite the short-term correction, Near Protocol price has recovered quickly and rallied 21% in the last three days and currently trades at $3.09. The three-day Relative Strength Index (RSI) has also had a clea bounce off the 50-mean level, adding credence to the possibility of a bounce. The Awesome Oscillator has also started the first green histogram above the zero level, suggesting a comeback in bullish momentum.
Therefore, investors can expect Near Protocol price to kickstart a 100% rally to the next key weekly resistance level of $5.87.
Read more: Near Protocol price consolidation hints NEAR could retest $6.50 soon
NEAR/USDT 3-day chart
On the other hand, if the Near Protocol price fails to hold above the $2.57 to $2.70 support level, it would denote a weakness in buying pressure. This outlook could occur due to another sell–off in Bitcoin price, which could collectively cause massive liquidations in altcoins.
In such a case, NEAR could slide 31% to retest the next critical support level at $1.76.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
