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We are experiencing one of the best Decembers for cryptocurrencies, with the cumulative volume again on the verge of $70 billion. Moreover, the total value of cryptocurrencies is winking at the $1.8 trillion region, being over $1.64 trillion. The appetite for risk is high, and the fear/greed index is at 74. It’s the right time for big rallies for altcoins.
NEAR Coin Review
On the weekly chart, the price of NEAR Coin has escaped from a challenging resistance line that had been in place for 540 days. The exciting recovery in the price of BTC following the November breakout had already signaled such an outcome. The rally accelerated this week, resulting in the popular altcoin rising by 55 percent since the breakout.
The RSI, confirming the continuation of NEAR Coin’s rise, is climbing along with the price and has even exceeded 70. NEAR Coin, reaching its highest price in 440 days, was among the “Sam Coins” like Solana (SOL) and had suffered massive losses after the FTX collapse. But a lot has happened over the past year.
Sam faces a possible prison sentence of over 100 years next year, and FTX creditors are expected to be repaid their debts in the near term. Moreover, the market impacts of the FTX collapse have dissipated over the past year. All this means a resurrection for Alameda-backed cryptocurrencies like SOL and NEAR.
NEAR Coin Price Target
The increase is parabolic, and daily chart readings, similar to those on the weekly chart, indicate signals for the continuation of the rise. All these are promising. We see that NEAR has escaped from the parallel channel since October, triggering the rally.
The analyst named CWTrades highlighted the development that accelerated the upward movement, writing;
“I’m looking for a long trade on this trend line, I’ll keep you updated when the price is on this trend line.”
NEAR has surpassed the resistance levels of $2.70 and $3.4 during the upward movement. Considering the price that was challenging $1, the current situation is very good.
Another analyst going by the name AltCryptoGems suggests that a corrective movement should now start as the price targets have been reached. If the NEAR Coin price can stay above $3.4, we might see an accelerated rally towards $5.
In the opposite scenario, closures below the resistance area could lead to a decline to $2.7.
