NEAR Protocol Surges 17% Amidst Bitcoin’s (BTC) Recovery: Is $16 Next? Here’s What Price Action Reveals

NEAR Protocol (NEAR) has witnessed a 17.47% overnight surge. This sudden jump in price indicates a strong market entry and a prevailing bullish sentiment surrounding the project.

According to Coinpedia, a closer look at the daily chart reveals the formation of a rising channel pattern, which suggests a stable and consistent uptrend for NEAR. The positive wave structure, starting from levels below $6 and leading up to the current price, emphasizes the sustained buying interest in the token.

Broader Market Recovery and Volume Validation Bolster NEAR’s Momentum

NEAR’s upward trajectory has been further supported by a broader market recovery, which has been largely driven by a spike in Bitcoin’s price. This overall positive sentiment in the crypto market has provided additional momentum to NEAR’s rally.

As the price challenges the overhead resistance trendline, aiming to solidify gains above the crucial $8 mark, a notable increase in trading volume has been observed. With a 126% surge in volume, the likelihood of a breakout rally for NEAR has been greatly enhanced, indicating robust market participation.

Technical Indicators Point to a Strengthening Bull Run

Several key technical indicators are currently aligning in favor of NEAR’s bullish outlook. The Relative Strength Index (RSI) has remained above the halfway line and is exhibiting an uptick, reflecting increasing demand and a bullish market sentiment for the token.

Moreover, the Directional Movement Index (DMI) and the Average Directional Index (ADX) are both showing positive upticks, further confirming the strengthening of the ongoing bull run.

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Fibonacci Levels Suggest Potential Price Targets

According to the technical analysis, NEAR has the potential to reach the 1.618 Fibonacci level, which corresponds to a price target of $16. However, before reaching this ambitious goal, the token may encounter potential stops at $10 and $12, as these levels are likely to act as resistance points.

While the overall outlook for NEAR remains strongly bullish, it is essential to consider the possibility of a fallback. If the current momentum begins to wane, the token may retrace to retest the $6.215 support level before continuing its upward journey.

The overnight surge, rising channel formation, and a confluence of bullish technical indicators suggest that NEAR Protocol is on the cusp of a potential breakout rally. With strong market participation and a favorable broader market sentiment, NEAR appears well-positioned to capitalize on its current momentum.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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