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NEAR Skyrockets Pasts $2: Should I Sell Now?

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By Christian Webster - - 5 Mins Read
Near Protocol logo displayed on a smartphone screen
NEAR | Shutterstock

 

Near Protocol logo displayed on a smartphone screen
NEAR | Shutterstock

 

 

The Near Protocol (NEAR) recently experienced a rapid surge in price ever since breaking out from the descending parallel channel in October.

 

Meanwhile, this upward movement propelled the price above the $1.60 resistance level, reaching a high of $2.15, leaving a lot of enthusiasts wondering if a new yearly high is on the horizon.

 

Prior to this surge, NEAR had been trapped within a descending parallel channel since the beginning of the year.

 

The trend lines for support and resistance were confirmed multiple times during this period.

 

Thus, let's talk more about the near crypto price and what some experts say about its growth.

 

On October 2 (red icon), NEAR faced rejection at the trend line, leading to a low of $0.98 on October 18.

 

However, the altcoin swiftly reversed its course and moved on a remarkable upward trajectory. Within 32 days, it surged by an impressive 120%, ultimately reaching a new high of $2.15, marking its highest price since April 2023, which is quite impressive.

 

During this ascent, NEAR broke through the $1.60 horizontal resistance area, further accelerating its growth.

 

Moreover, to gauge market sentiment and potential overbought or oversold conditions, traders commonly refer to the Relative Strength Index (RSI) as a momentum indicator.

 

A reading above 50, coupled with an upward trend, indicates a favorable advantage for bulls, while readings below 50 suggest the opposite, which seems very easy to understand.

 

However, the weekly RSI indicates a value above 50 with a positive incline—both favorable signs for NEAR's future price prospects. Additionally, the indicator has broken free from its bearish divergence trend line (green icon).

 

Cryptocurrency traders are bullish about NEAR's future price potential on the X platform. Notably, Investmox has observed a significant increase in long-term volume, which he believes will be followed by a corresponding price surge.

 

Trader Fred also shares this bullish sentiment, outlining a short-term uptrend likely to continue.

 

However, not all traders share the same bullish outlook. A trader, in contrast, displays a cautious approach regarding the short-term trend.

 

He emphasizes the presence of a strong resistance zone with clear overbought indicators on the $NEAR token of the NEAR Protocol.

 

Thus, he also suggests two possible scenarios: either an accumulation in this zone while aiming for the next resistance around $1.9 or a retracement in this zone followed by a search for a more distant resistance at approximately $2.1.

 

Beyond the price surge, NEAR Protocol, a great piece of software, aims to incentivize a network of computers to create and launch decentralized applications for developers.

 

Moreover, the key concept behind the NEAR Protocol's design is sharding, which involves splitting the network's infrastructure into multiple segments.

 

This approach allows each node to handle a portion of the network's transactions, resulting in more efficient and scalable retrieval of network data.

Conclusions

 

The Near Protocol has shown remarkable price growth, breaking free from a descending parallel channel.

 

The surge above the $1.60 resistance area to a high of $2.15 suggests the possibility of reaching a new yearly high.

 

Moreover, traders and analysts have expressed their bullish sentiment, although caution is advised as the $2.70 resistance area could lead to a significant dip.

 

Additionally, the Near Protocol's underlying sharding technology aims to revolutionize decentralized applications by improving efficiency and scalability.

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