- Should bullish market sentiment continue, NEAR could post an additional 23.15% gain in the coming days.
- However, a significant hurdle looms at the 5,526 resistance level, where significant selling pressure was previously observed.
Close to protocol [NEAR] has already posted impressive weekly gains, up 34.5%, with a 12% increase in the last 24 hours alone, as reported by CoinMarketCap.
Despite a recent slowdown in momentum, AMBCrypto analysis predicts that this is only temporary and that a rebound is on the way.
NEAR’s rally is targeting $6.4 as momentum builds
NEAR’s recent upward trajectory is largely due to the recovery from a key resistance zone at $4,366, which boosted growth.
Despite a new hurdle having emerged with a resistance line at $5,256 – a minor level characterized by low selling pressure – NEAR is within an overall symmetrical triangle pattern.
Historically, this pattern indicates that NEAR could rise to a high of $6,489. At this peak, substantial profit taking could occur, driving prices down or potentially increasing liquidity, pushing NEAR’s price further up to $7.6.
Source: trading view
To assess whether the resistance at $5,256 is indeed small, AMBCrypto analyzed the latest technical charts.
Technical indicators indicate that NEAR is experiencing volatility
The Relative Strength Index (RSI), which measures the speed and magnitude of price movements, indicates strong bullish sentiment for NEAR with a current reading of 68.5.
While an RSI above 70 typically indicates an overbought market, meaning a potential pullback is on the horizon, NEAR’s current level indicates continued accumulation and a sustained uptrend in the coming days.
Conversely, the Bollinger Bands (BB) have crossed above the upper threshold, indicating that the price is currently in the overbought zone. This condition corresponds to NEAR crossing the resistance line, which traditionally precedes a price correction.
Source: trading view
While these indicators point to a possible short-term decline, there is still potential for NEAR to climb higher before any downside adjustment takes place. The likelihood remains uncertain.
Overall, the technical outlook suggests that NEAR could break the resistance level at 5,256, further confirming the bullish trend.
Open interest signals a continued rally for NEAR
AMBCrypto’s analysis using Open Interest (OI) suggests that NEAR is still well positioned for a rally, with expectations for the price to reach higher levels.
Realistic or not, here is NEAR’s market cap in BTC terms
Data from Mint glass reveals an 18% increase in NEAR’s open interest, rising to $266.84 million from a previous low of $188.54 million. This increase reflects the strength of market engagement and bullish sentiment.
Source: Coinglass
Should this upward trend in open interest continue, NEAR’s trajectory is likely to rise even further.
