NEAR Technical Analysis: Long Drive With Bulls To Reach $16

The NEAR coin price shows a double bottom pattern in the 4-hour chart with the support of 200-day EMA. Will this uptrend sustain above $12.5? NEAR Protocol is a layer-one blockchain that has the look and feel of a cloud computing platform run by a community. It uses human-readable account names, in contrast to the cryptographic wallet addresses commonly used to Ethereum. The protocol makes use of the Nightshade technology to increase the efficiency of transactions by a huge amount. Nightshade is a variant of the sharding wherein each set of validators processes transactions simultaneously across several chain shards, which increases the overall efficiency that the blockchain can offer. Let us move ahead to read about Near Protocol technical analysis. Past Performance of NEAR The NEAR coin price growth of more than 10% in the apst 24 hours with a boom in buying pressure. The recovery comes after a downfall of more than 40% in the last month driving the price below the $12.5 horizontal zone. The recovery comes with the support of 200-day EMA which has pushed the price higher to the 50-day EMA. NEAR/USD Daily Chart NEAR Technical Analysis The NEAR coin price action shows a double bottom breakout in the 4-hour chart. The neckline of the pattern is at $11.15 and the price shows a slight retracement to retest the breakout. The crucial Exponential Moving averages show the price struggling to brea above the 50-period EMA in the 4-hour...