- Popular altcoin NEAR breaks above $2.50 on fresh volume.
- The asset is also close to completing a rising wedge formation.
- Will the price of NEAR continue to climb or fall slightly after the pump?
The crypto community prepares for what looks like a stagnant weekend once again as the price of BTC and ETH sink slightly to trade at the $78,000 and $2,400 price range, respectively. Is the weekend slump upon us or are assets set to see a small dip after the recent price surges? In particular, NEAR breaks above $2.50 on fresh volume as its nears completing a rising wedge formation.
NEAR Breaks Above $2.50 on Fresh Volume
According to CoinMarketCap analytics, the price of NEAR is currently trading at $2.47, showing that the asset is up by over 5.5% in the last 24 hours. To highlight, over the last 24 hours, NEAR had reclaimed the $2.6 price range before the drop back to $2.4, signaling it had pumped over 7.5% over the last day. Will the price of NEAR continue to climb or will this short dip continue to lead NEAR to lower prices again?
As we can see from the post above, the chart shows how the price of NEAR broke above $2.5 to even reclaim $2.6 before falling to the $2.4 price range where it is currently trading. The post above claims that this sudden surge in price is due to fresh volume entering the space. With NEAR trading around $2.53, the asset was up about 9% on the day after printing a high at $2.55 and clearing the late-August/early-September range.
Altcoin Prints Rising Wedge Formation
The post goes on to state that the bid coming from NEAR showcases handling heavy ZEC flow, and highlights how Venice is using NEAR AI Cloud for private inference as VVV runs, and chain abstraction crossing 50 million lifetime operations. The post concludes saying that traders are treating it as the rails under both the privacy and AI trades. Could this bode well for NEAR’s future or will the price sink soon?
At the moment, the sudden pump has led to experts observing a high probability of a dip soon for NEAR. This expectation is being hinted at by a possible rising wedge formation on the NEAR price chart. As we can see from the post above, the expert goes on to confirm that NEAR is printing a rising wedge formation. Presently, NEAR price is pushing back toward the $2.50 resistance, while buyers continue defending the rising support.
What’s more, the post goes on to state that momentum is building as the pattern tightens on the NEAR price chart, meaning that a clean breakout above $2.50 could trigger the next expansion move, while the chart’s downside target sits near $1.90. Despite this short dip expectation, the sentiment for the performance of NEAR over the coming weeks and months remains healthily bullish.
