Near Protocol price poised for a strong rally if history rhymes

Near Protocol price has made a good retest, precipitating an explosive move if bulls hold support.
NEAR could rally 50% to $10.24 with a successful bounce like it happened after January’s retest of $2.76.
The bullish thesis would be invalidated upon a break and close below $6.08 on the weekly time frame.

Near Protocol (NEAR) price has broken above two critical roadblocks over the past year. After the first breakout, which happened around December, the AI crypto coin retested the blockade as part of a confirmation of the breakout.

Also Read: Near Protocol Price Prediction: NEAR pumps 10% as investors envision another buy opportunity here

NEAR price eyes 50% gains if history rhymes

Near Protocol price retesting the $2.76 roadblock in January after the December breakout confirmed its next move north to test the $6.08 resistance.

If history repeats or rhymes following a break above $6.08, the current retest of this buyer congestion level could send NEAR price 50% north to clear the resistance at $10.24.

The Relative Strength Index is well above the ‘50’ mean level, toned by growing volumes of the Awesome Oscillator (AO) histograms to show a prevailing bullish trend.

The upside potential for the Near Protocol price is contingent on NEAR bulls defending the $6.08 support. One of the key enablers for this outcome is a show of strength in the Bitcoin (BTC) price.

If the retest is successful and NEAR price nicks the $10.24 barricade, bulls would target $15.00 next, which stands approximately 125% above current levels.

NEAR/USDT 1- week chart

On the flip side, if the $6.08 support breaks, the Near Protocol price could drop. A decisive close below this base on the weekly timeframe would invalidate the bullish thesis, setting the tone for NEAR price to revisit the $2.76 support.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.