The recent bullish recovery helps NEAR prices beat the resistance trendline and the 50-day SMA reflecting increased demand. Will this rally reach the $5 mark? Key Technical Points: The NEAR prices jumped by 19.34% in the last 24 hours. The trendline breakout rally exceeds the 50-day SMA. The 24-hour trading volume of NearProtocol is $591 Million, indicating a rise of 163%. Past Performance of NEAR NEAR price chart displayed a long-term under the influence of resistance trendline accounting for a downfall in the last two months. However, the underlying bullishness influences an inverted Head and Shoulder pattern, with the trendline acting as the neckline. Moreover, the influence of the recovering market helps the market value increase by 45 percent resulting in the breakout of the resistance trendline and of the 50-day SMA. Source – Tradingview NEAR Technical Analysis The NEAR prices have inflated by almost 25% in the last 48 hours approaching the overhead resistance at $4.75. Additionally, if the prices sustain above the 50-day average line, we can expect to bullish trend continuation 100-day SMA. The daily-RSI slope spiked sharply over the past two days, resulting in a jump to the nearly overbought zone reflecting an increase in the underlying bullishness. Hence, the technical indicator forecasts a bullish trend continuation. The MACD indicator shows a bull run in fast and slow lines avoiding multiple bearish crossover events...
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