Markets
Can NEAR Holders Catalyze a 30% Price Rise?
THE Close to the protocol (NEAR) price anticipates a bull run in the coming trading sessions, provided it manages to breach a key resistance first.
NEAR holders and the cryptocurrency market, however, are reporting upside with those looking for an upside.
Increased inflows into the Near protocol
NEAR price is seeing bullish signals from traders who have been anticipating a price increase for almost a month now. The increase in Open Interest is evident, in the last month contracts worth over 100 million dollars have been opened.
This increase in open interest is not necessarily a bullish sign, as it includes potential short-term and long-term contracts. However, the positive funding rate is a sign that long contracts are dominating the market.
NEAR Open interest. Source: Coinglass
This makes the increase in OI a positive sign, which could result in an increase in prices.
Secondly, altcoins also note support from the broader market, which is evident in the Relative Strength Index (CSR). The RSI is a momentum oscillator that measures the speed and change of price movements, indicating overbought or oversold conditions in a safety.
Typically ranging between 0 and 100, RSI values above 70 suggest overbought conditions, while values below 30 indicate oversold conditions. Currently, the indicator is holding above the neutral level at 50.0 in the bullish zone.
To know more: What is the NEAR Protocol (NEAR)?
This is a sign that NEAR could see an upside in the next days.
Close to Price Prediction: A Breakout in Sight?
The price of NEAR, trading at $7.1 at the time of writing, has been moving within an ascending triangle. An ascending triangle pattern is a bullish continuation pattern consisting of a horizontal resistance line and an upward sloping trend line, indicating increasing buying pressure.
A break above the resistance level would signal a potential continuation of the uptrend. Depending on the model, NEAR is currently observing a target of $9.9. This increase would mark a 31% rally.
If the above-mentioned conditions persist, a breakout above $7.7 is likely, which could push NEAR price above $8.0.
To know more: Near Protocol (NEAR) price prediction for 2024
On the other hand, a breakdown below the uptrend line would result in the altcoin falling below $7.0. This would drag NEAR at $6.5, losingwhich would invalidate the bullish thesis.
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