NEAR Bulls Charge For 20% Profits As Crypto Trades In Green In Last 24 Hours
09 Setembro 2022 - 1:02AM
NEWSBTC
While the NEAR market has been experiencing bearish activity, bulls
have recently stepped up their pace with a rally. NEAR’s price
movement has turned positive after recent bear market activity.
Coingecko data shows that NEAR experienced a series of price
increases and decreases before the bulls charged back on
September 8. The bulls have set their sights on profits of 20% as
the crypto enjoys trading in green territory in the last 24 hours.
Within the past two days, there have been three noteworthy price
movements. There was a big jump on September 7, then a drop later
that day. The price continued its ascent and hit a new high on
September 8. Several indicators seem to favor the bulls, according
to a recent study. Related Reading: Polygon Banks On Merge To Get
Rid Of 60,000 Tons Of Carbon Footprint NEAR Shows Aggressive Upward
Pace The Near Protocol weekly chart displayed a “Bullish Bat
Harmonic” pattern, indicating an upward trend. The second top
in such bullish pattern, on the other hand, is lower than the
first. Analysts have interpreted this pattern as evidence that the
current trend will continue. The $4.30 range has provided support
for the upwards progression, while $4.60 has offered resistance.
But as with any funding, there is always a risk of a downstroke.
Some market observers caution that a bear breakout at
$4.30 would be detrimental for the uptrend. This purely theoretical
bear growth spurt has the potential to drive the price to $3.80.
However, patterns indicate otherwise. In addition, the price formed
yet another reversal sequence. The price exhibited an inverted
“Head and Shoulders” formation. Bullish Reversal Seen To Regain
Investor Confidence If the price is successful in breaking above
its neckline ($4.56) and another resistance of the 50-day
exponential moving average, a bullish trend is likely. Then, we can
anticipate the price to retest its previous swing high and possibly
break above it. After such a period of bearish momentum, this
recent bullish reversal can help restore investor confidence. The
RSI of NEAR is also in the optimal range. The token is neither
being overbought nor oversold if the RSI indicator is consistently
in the middle section. This recent bullish retreat after an
extended bearish period is excellent news for NEAR traders. There
may be a possible relief rally for the token after fears of a
continual decline. With this upward trend, this may be the only
glimmer of hope in the dreaded crypto winter. Related Reading:
Fantom (FTM) Hit By Bearish Sentiment Despite Logging Over 300,000
Active Users NEAR total market cap at $3.5 billion on the daily
chart | Source: TradingView.com Featured image from BingX Blog,
chart from TradingView.com
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