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Recently, the price activity of the altcoin Near Protocol (NEAR) has been drawing attention in the cryptocurrency market. Particularly, its rise above the critical level of $2.76 and successfully maintaining this level as support has strengthened the bullish trend. This situation indicates that NEAR could be preparing for a strong rally.
Altcoin Near Protocol (NEAR) Focuses on This Price Target
According to recent data, NEAR is observed to be moving towards a price target of $10.24. However, for this target to be achieved, continued support from the bulls is necessary. Specifically, a break and close below $6.08 on the weekly timeframe would invalidate the bullish thesis.
The price performance of the altcoin Near Protocol (NEAR) is being evaluated in parallel with the general trend of the cryptocurrency market. However, the resistance and momentum NEAR has shown in the past period are creating a positive atmosphere among investors. How NEAR will perform in the upcoming period is eagerly awaited.
NEAR Price Could Increase by 50% If History Repeats
If history repeats itself or if there is a breakout above the $6.08 level for the altcoin Near Protocol (NEAR), the NEAR price could clear the $10.24 resistance with a 50% gain. This indicates that buyer congestion could demonstrate tremendous upside potential after a retest of current levels.
Looking at technical analysis indicators, we see that the Relative Strength Index is below the ’50’ average level, and the MACD indicator is showing an uptrend.
However, for the cryptocurrency NEAR bulls to realize this potential, they need to maintain the $6.08 support. Additionally, the performance of Bitcoin (BTC), the flagship of cryptocurrencies, will also influence the direction of the altcoin NEAR’s price.
What’s the Next Target for Cryptocurrency Near Bulls?
If the retest is successful and the altcoin NEAR price surpasses the $10.24 level, the next target for the bulls will be around $15, which is approximately 125% above current levels.
On the other hand, if the $6.08 support is broken, the altcoin Near Protocol’s price could fall. A decisive close below this base on the weekly timeframe will invalidate the bullish thesis and set the tone for the cryptocurrency NEAR to revisit the $2.76 support level. Let’s see if history will repeat itself for Near.
