- NEAR shows potential breakout, aiming for a $6 price target.
- Support at $3.49 and resistance around $4.28 are key levels to watch.
- Bullish signals and technical patterns suggest upward momentum if NEAR breaks resistance.
NEAR Protocol (NEAR) is showing signs of a potential breakout amid a fresh bull cycle. The token has been stuck in a downward channel for a while. With the market showing bullish signals, NEAR’s technical patterns hint at a possible rise to $6 if it can break its resistance.
Channel Breakout Attempts by NEAR Token
The daily chart reveals NEAR in a prolonged descending channel, marked by lower highs and a strong resistance trendline. This bearish pattern has kept NEAR in a downtrend.
However, support at $3.49 is holding firm and could trigger a breakout if NEAR surpasses the resistance. Recently, NEAR struggled to break the resistance, dropping 2.26% from $4.28 to $4.19.
This decline continued, leading to a 9.54% drop over three days. Despite this, NEAR rebounded with an intraday gain of 3.84%, climbing back to $4.28.
This recovery created a bullish engulfing candle, suggesting a potential bullish shift within the falling channel. The MACD indicator presents mixed signals.
Although there’s a risk of a bearish crossover, the recent gain hints at possible upward momentum. The RSI is also rising, now at 48.14, showing strength as it nears the halfway mark.
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Bullish Targets For NEAR Protocol
NEAR’s momentum is growing as it nears the critical support level of $3.49. This increase in trend momentum boosts the chances of a breakout.
Fibonacci levels point to key resistance at $4.62 and $5.32, corresponding to the 23.60% and 38.20% retracement levels. Reaching these levels could mean a 32% gain.
In the short term, NEAR needs to break the $4.28 resistance and maintain its position above $3.49. If the bullish trend continues, the price of the token could surge to $6.
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