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Near Protocol (NEAR) price might witness a bull run if it breaks a significant resistance. However, NEAR holders and the crypto market could signal a rise along with those expecting an increase.
Funding Rate in NEAR
NEAR’s price has been receiving bullish signals from investors expecting a price increase for almost a month. Over $100 million in contracts were opened last month, as indicated by the increase in open positions. This rise in open positions is not necessarily a bullish sign as it includes potential short and long-term contracts. However, a positive funding rate could indicate that long-term contracts dominate the market.
This makes the increase in OI a positive sign, which could translate into a price increase. Secondly, the altcoin’s relative strength index (RSI) also notes support from the broader market. RSI is a momentum oscillator that measures the speed and change of price movements, indicating overbought or oversold conditions in a security.
Generally, it ranges between 0 and 100. RSI values above 70 indicate overbought conditions, while values below 30 indicate oversold conditions. Currently, the indicator stands in the bullish zone above the neutral mark of 50.0. NEAR’s price is trading at $7.1 at the time of writing and is moving within an ascending triangle.
Price Movement in NEAR
The ascending triangle formation, created by a horizontal resistance line and an upward sloping trend line, is a bullish continuation pattern indicating increasing buying pressure. A breakout above the resistance level could signal the continuation of a bullish trend. According to the model, NEAR is currently eyeing a target of $9.9. This increase could indicate a 31% rise.
If the above conditions persist, a breakout above $7.7 could push NEAR’s price above $8.0. On the other hand, a break below the upward trend line could cause the altcoin to fall below $7.0. This situation could drag NEAR down to $6.5, invalidating the bullish thesis.
