NEAR Technical Analysis: Within Triangle Near Prices Tease Breakout

The NEAR technical analysis shows a bull cycle gaining momentum within the symmetrical triangle pattern teasing a bullish breakout.  The bullish reversal from the support trendline in the triangle pattern rises above the 50-day EMA to test the 100-day EMA. the gaining bullish trend momentum may shortly drive the NEAR prices above the resistance trendline. So, should you consider taking an early bullish position before the breakout?

Key Points:

• The Near Protocol price action shows a symmetrical triangle in the daily chart.
• The reversal from the support trendline breaks the 50-day EMA.
• The intraday trading volume in Near Protocol is $538 million.

Source - TradingView

NEAR Technical Analysis

The NEAR prices show a bull run of 30% after taking support at the ascending trendline resulting in the 50-day EMA breakout. However, the prices struggle to reach the resistance trendline due to the increased selling at the 100-day EMA. The bull run comes with a boom in the trading volumes support reflects an improvement in the underlying sentiments. However, the increased selling at the 100-day EMA results in a 2.40% drop in the daily candle, teasing a short-retracement. However, the lack of volume support for the retracement increases the possibility of a lower price rejection that may restart the prevailing trend shortly. As per the NEAR technical analysis, the triangle breakout will provide a great entry opportunity, showing a 50% jump potential to $7.37. Conversely, a bearish turnaround will drop the NEAR prices to the support trendline below the 50-day EMA at $4.

Technical Indicators

The RSI slope shows a slight dip in the nearly overbought zone after a huge spike last week, reflecting a rest period in the uptrend before the momentum refreshes. The fast and slow lines also sustain above the zero line, supported by the expanding bullish histograms, teasing a bullish breakout. As a result, the indicators continue to signal a buying opportunity for the NEAR token. Resistance Levels - $5.6 and $7.37 Support Levels - $4.72 and $4