The post Near Protocol Decoupling with Market Sentiments: NEAR Price Eyes an 8% Rise In the Next 24 Hours appeared first on Coinpedia Fintech News
The Near Protocol price has been demonstrating acute strength ever since the token rebounded from the monthly lows below $5. In times when the selling pressure was mounting over the majority of the tokens, the NEAR price managed to stabilize within a narrow range, preventing excessive loss. The bulls are displaying huge strength at the moment, due to which the rally has been stuck between $5 and $5.3 for the past few days.
The price was trading within an ascending triangle and instead of triggering a breakout from the apex, it underwent a 40% pullback. While the long-term price action of Bitcoin has turned bearish, the NEAR price remains under the bullish influence. The price undergoes a correction after reaching the upper threshold of a pattern. Therefore, the price is expected to kick off a fresh ascending trend and reach the upper resistance zone.
While the short-term trade has flipped the bearish pressure, the weekly trade has also shown signs of a bullish reversal. The rally was rising within a rising wedge and as a result, this caused a 35% pullback and, before marking the lower crucial range at $4.5, triggered a strong rebound. Besides, the weekly RSI has also initiated a bullish reversal, which suggests the bullish forces have regained their strength. Therefore, the NEAR price is expected to maintain a healthy ascending trend.
The weekly trade has begun on a bullish note and hence the upcoming monthly close is expected to be on a positive note. The price is closely accumulating within a range and hence a breakout may occur, pushing the prices above $6 very soon. However, before the end of the month, the Near Protocol price is believed to stand strongly above $5.5 after experiencing a minor correction.