fxstreet.com
- Near Protocol price has made a good retest, precipitating an explosive move if bulls hold support.
- $NEAR could rally 50% to $10.24 with a successful bounce like it happened after January’s retest of $2.76.
- The bullish thesis would be invalidated upon a break and close below $6.08 on the weekly time frame.
Near Protocol ($NEAR) price has broken above two critical roadblocks over the past year. After the first breakout, which happened around December, the AI crypto coin retested the blockade as part of a confirmation of the breakout.
Also Read: Near Protocol Price Prediction: $NEAR pumps 10% as investors envision another buy opportunity here
$NEAR price eyes 50% gains if history rhymes
Near Protocol price retesting the $2.76 roadblock in January after the December breakout confirmed its next move north to test the $6.08 resistance.
If history repeats or rhymes following a break above $6.08, the current retest of this buyer congestion level could send $NEAR price 50% north to clear the resistance at $10.24.
The Relative Strength Index is well above the ‘50’ mean level, toned by growing volumes of the Awesome Oscillator (AO) histograms to show a prevailing bullish trend.
The upside potential for the Near Protocol price is contingent on $NEAR bulls defending the $6.08 support. One of the key enablers for this outcome is a show of strength in the Bitcoin (BTC) price.
If the retest is successful and $NEAR price nicks the $10.24 barricade, bulls would target $15.00 next, which stands approximately 125% above current levels.
$NEAR/USDT 1- week chart
On the flip side, if the $6.08 support breaks, the Near Protocol price could drop. A decisive close below this base on the weekly timeframe would invalidate the bullish thesis, setting the tone for $NEAR price to revisit the $2.76 support.