The price of NEAR finally broke out from a descending channel 4 days ago and has been looking strongly bullish since, with various analysts also presenting bullish targets.
NEAR started trading within the descending channel in May. Since then, it has experienced various resistance and support levels within the channel, with the top of the channel serving as resistance and the base as support.
The breakout signals a possible change of trend and was followed by a retest the following day. Since then, NEAR has been moving up.
So far, the price of Near Protocol’s token has spiked by more than 20% in the last two days as the bullish momentum continues to increase.
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Where Is NEAR Price Headed Next?
The question now is: where is NEAR price going next, and what could be a reasonable target?
Typically, a breakout from such a descending channel could make the price spike toward the top of the channel. In this context, we would have our target at around $8.20.
This price would be a likely target if the bullish momentum continues. However, uptrends are rarely formed by one straight candlestick. Instead, we could see a series of highs and lows as the price reaches key resistances and seeks to retest supports.
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Key NEAR Price Levels to Watch
In this context, it is necessary to outline some key price targets.
The first key price we will look at is the $5.0 level. This price level was broken yesterday and is currently holding as new support on the daily timeframe. We need this level to continue to hold for the price to maintain its upward push.
In case the $5.00 level of support breaks, we may see the price go back to retest the broken channel again.
Other key levels to watch are $5.70, $6.40, and $7.10. These levels could serve as major resistances for price growth as it moves toward the channel. The inability to break any of these key levels could lead to a retest of the last support.
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