- The RSI, a momentum indicator, has surpassed 50.
- It seems like NEAR has completed wave two of a five-wave bullish surge.
NEAR has been declining since October 26, when it hit a high of $13.22. A low of $6.20 was hit on December 4. But NEAR bounced. The bounce confirmed the $7.30 region as support. From March to May, this was the area of greatest resistance. After that, on September 8, the token hit its all-time high price.
NEAR has drifted below this area twice before regaining it and ascending. Technical indicator data also confirm the increasing trend. Short-term and long-term moving averages (MA) combine to form the MACD. The short-term MA moves faster than the long-term MA. Bullish tendencies often cause it.
Bullish Momentum
The RSI, a momentum indicator, has surpassed 50. This is a bullish trend indicator. Thus, the daily timeframe implies a positive trend for NEAR. NEAR appears to be trading in an ascending parallel channel on the daily chart.
The December 4 dip was simply a departure since the channel’s support line was quickly restored. NEAR must touch it again and verify it as support to make this occurrence real. According to @pierre crypt0’s NEAR chart, the crypto might continue to rise if it can retake the $10 level.
$NEAR – H4
— Pierre (@pierre_crypt0) December 11, 2021
This was what we were looking for with the lads in @TheHavenCrypto.
+20% over the weekend on current market conditions = I pay myself without thinking much.
As usual keeping some running and I'll be watching retest of $9.8-10.2 closely. https://t.co/bjfq9vtFpC pic.twitter.com/pbOxcOg635
To keep moving upward, the token has to find support between $8.35 and $9, which is the 0.5-0.618 Fib retracement support level, making a higher low. It seems like NEAR has completed wave two of a five-wave bullish surge. It was enclosed inside the rising parallel channel.
According to CoinMarketCap, the NEAR Protocol price today is $9.51 USD with a 24-hour trading volume of $390,832,960 USD. NEAR Protocol is up more than 20% in the last one week.
