NEW DELHI (CoinChapter.com) — NEAR price accelerated above the $5.00 resistance. It is now approaching a key hurdle at $6.30, where the bears might take a stand.
NEAR Price Signals Fresh Rally
In the past few days, there has been a strong increase in Bitcoin and a few altcoins, such as Ethereum, SOL, DOT, DOGE, and SHIB. It sparked positive moves in the crypto market and caused a bullish breakout. Recently, NEAR witnessed an upside break from the $2.00 support zone.
It broke a major bearish trend line with resistance at $3.50 on the weekly chart to start a fresh uptrend. There was a clear move above the $4.00 resistance, and the price settled above the 50-week simple moving average (blue).
The price gained over 40% in a few days and cleared the $5.00 resistance zone. There was a spike above the 23.6% Fib retracement level of the main decline from the $19.72 swing high to the $0.97 low.
The current price action is positive above the $5.50 level, but NEAR is approaching major resistance at $6.30 (a multi-touch zone). The bears are likely to take a strong stand at $6.30. If they clear the $6.30 barrier, there could be a strong surge.
The first major resistance is $8.00. A close above this level could set the tone for a move above the $9.20 level. In the stated case, the NEAR price could even test the $10.00 handle. Fundamentally, the Near protocol continues to grow, and nearly 100 million NEAR Accounts have been created since the mainnet.
Downside Correction?
There could be a downside correction if the bulls fail to clear the $6.30 resistance. The first major support could be $5.20. The main support sits near the same trend line region and $4.00. A downside break and a weekly close below the $4.00 level could spark strong bearish moves.
In the stated case, the price might correct lower toward the $3.20 support zone, below which the bears might push the price toward the 50-week simple moving average (blue) at $2.00.
Overall, NEAR is clearing, signaling a major upside break above the $5.00 level. However, the bulls need to clear the $6.30 hurdle to move toward the $10.00 level in the coming weeks.
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