Near Protocol Price Forecast: NEAR kicks starts its 100% bounce

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.