NEAR Technical Analysis: New Buyers Increase NEAR’s Market Value

NEAR prices show a bullish recovery from the $10 support zone forming a double bottom pattern with a neckline at $13. Will the uptrend sustain to reach $15? Key technical points: The NEAR price sustains above the $10 mark. The crucial daily EMAs maintain a bearish alignment. The 24-hour trading volume of Near Protocol is $1.14 Billion, indicating a 86% rise. Past Performance of NEAR NEAR prices showcase a bullish failure to surpass the resistance confluence of $13 and the 100-day EMA after a bullish recovery from the $10 mark. The downfall accounts for a 20% fall last week resulting in a fall to the psychological mark of $10. The buyers regain trend control to retest the 50 EMA and form a double bottom pattern. Source-Tradingview NEAR Technical Analysis The 4-hour NEAR/USD chart forms a double bottom pattern with a neckline at the $13 level while the reversal challenges 50 EMA. The bullish reversal comes with a surge in trading volume reflecting the new entry of buyers. The EMAs maintain a bearish alignment with the 50 EMA providing dynamic resistance to the bullish attempt. Moreover, the buyers must surpass all the EMAs to attempt the bullish pattern’s breakout. The RSI slope maintains an uptrend starting from the oversold boundary, successfully leading to a bullish divergence in the double bottom pattern. Moreover, the RSI values surpass the 14-period average score reflecting a rise in underlying bullishness. The MACD indica...