Range Breakout Eyes NEAR Price Above $20.6 mark

Over the last few weeks, the Near protocol(NEAR) price has impressively endured the broader market correction. As a result, the price hibernated under an accumulation range between the $15 and $17.69 marks. However, the recent increase in bullish momentum projects a possibility of the trend surpassing the overhead resistance. 

Key points: 

• The Range breakout rally could pump NEAR price by 16%
• The bullish crossover of the VI+ and VI- slopes attract233 additional buying
• The intraday trading volume in the NEAR is $1.4 Billion, indicating a 40% hike.

Source- Tradingview

The NEAR/USDT pair shows a rounding bottom pattern in the daily time frame chart. Under the pattern’s influence, the coin price represented a significant rally in the past few weeks, bringing it to the $17.7 mark.

Amid the recent uncertainty and sell-off in the crypto market, buyers struggle to surpass the overhead resistance($17.7). However, the buyers didn’t give much ground and prevented the coin price from falling below $15 support.

The resulting consolidation reflects a narrow range confined between the $17.7 and $15 levels. Furthermore, the recent price jump accompanied a $41% spike in volume activity, teasing a range breakout.

A daily-candlestick closing above the $17.7 mark would renew the bullish momentum and surge the NEAR price to the $20.6 mark.

Alternatively, the fallout from the narrow range remains on the cards, which could trigger a legit correction in NEAR price.

Technical indicator

The surging 50-day SMA crosses above the 100-day SMA, providing a bullish signal. Hence, the crossover increases the chances of a bullish consolidation breakout.

Adding points to the bullish dogma, the Vortex indicator shows the VI lines giving a bullish crossover. Hence, a further increase in the bullish spread will indicate a price jump above the $18 mark.

• Resistance levels- $17.7, and $20.65
• Support levels- $15.2 and $13.3

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com