The bullish reversal in NEAR prices inchoates a rounding bottom pattern with a neckline at $7.38, teasing a price jump to the $12 mark. Key Technical Points: The Near Protocol token price jumped 78% last month to rise above the $5 mark teasing a rounding bottom breakout. The bullish rally crosses above the 100-day SMA and teases a potential rounding bottom completion. With a market cap of $4.10 billion, the intraday trading volume of Near Protocol has increased by 200% over the last 24 hours to reach $1.21 billion. Past Performance of NEAR As predicted in our previous analysis, the NEAR prices break above the inverted head and shoulder neckline at $4.75 to reach the overhead resistance of $5.69. However, the higher price rejection at $5.69 evident by the wick formation in the daily candles teases a bearish retracement. Moreover, the price action inchoates a rounding bottom pattern in the daily chart with a neckline at $7.38. Source – Tradingview NEAR Technical Analysis Currently, the NEAR price action displays a bearish influence over the daily candle teasing a retracement to the rounding bottom’s curve. However, traders can find this as a buying opportunity to enter before the bullish breakout. As the market price breaks above the 100-day average price, the 50-day SMA takes a positive turnaround. Moreover, the spike in the trading volume during the bullish candle formation reflects highly committed buyers. The daily-RSI slope...
