NEAR Protocol Price Analysis: Bullish Continuation Pattern Signals Potential Triple-Digit Rally

Near Protocol (NEAR) has demonstrated remarkable resilience against market turbulence and short-term Bitcoin fluctuations, standing firm amidst volatility. The recent sideways movement of NEAR’s price has laid the groundwork for a potentially bullish continuation pattern, suggesting the possibility of a triple-digit breakout rally.

Between December 18 and 26, 2023, Near Protocol witnessed an impressive 123% rally, reaching a local peak at $4.62. Subsequently, a steady 38% decline ensued, forming a parallel channel-like pattern characterized by lower lows and lower highs. This combination of the upward surge and the consolidation phase suggests that NEAR may be trading within a bullish continuation pattern referred to as a bull flag.

Examining the chart, this pattern involves a flag pole (the 123% upswing) and a flag (the 38% drop). A breakout becomes imminent if the Near Protocol price achieves a decisive four-hour candlestick close above the upper level of the flag, approximately at $3.75. Ideally, confirming the onset of the bull rally would involve overcoming the $3.90 hurdle.

In the event of a successful breakout, the bull flag pattern predicts a 123% upswing, calculated as the height of the flagpole added to the breakout point, setting the target at $6.50. While this upward target is ambitious, investors are advised to exercise patience as the rally may encounter substantial resistance around the $5.87 weekly resistance level.

Despite the logical appeal of the bullish outlook driven by ongoing consolidation and market conditions, vigilance is crucial, with a key focus on the $2.75 level. A four-hour candlestick close below $2.75 would establish a lower low, jeopardizing the bullish thesis and potentially prompting profit-taking by sellers. This scenario could lead NEAR towards the support range of $2.57 to $2.70. Further breakdown could trigger a 19% decline to the next significant support at $2.07. Investors are urged to monitor these levels closely for informed decision-making.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!


Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Skip to content