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Near Protocol (NEAR) illustrated a bullish pennant pattern that recently resolved with a decisive breakout. Following a period of consolidation, NEAR price action escaped the upper boundary of the pennant, signifying a strong bullish move.
The consolidation within the pennant formed after a significant uptrend, suggesting a continuation pattern. The breakout occurred with momentum, as indicated by the green candle that pierced the pennant’s upper trend line.
The movement implied that buyers have gained control after a period of indecision, often seen during the consolidation phase within the pennant structure.
$Near One Of Promising #Crypto Project Breaking Bullish Pennant Consolidation Successful Breakout Can Send It Near 10$ In Coming Weeks 😊 pic.twitter.com/m1uwZr4pKL
— World Of Charts (@WorldOfCharts1) November 11, 2024
The successful breakout from a bullish pennant, NEAR could likely continue its upward trajectory towards the $10 mark in the coming weeks. The bigger price target projected a 184% increase if the breakout holds, potentially raising NEAR’s price to around $14.5.
The setup points to a promising phase for NEAR, assuming market conditions remain favorable and supportive of continued bullish sentiment.
NEAR Price: Harmonic Relative Strength Index Indicator
Adding the Harmonic Relative Strength Index (HARSI) to provide insight into NEAR/USDT movements within a descending triangle pattern, suggested a consolidation phase that had been broken. Noticeable support tests occurred in September and October, where NEAR rebounded each time. This pattern typically signaled impending volatility.
At press time, NEAR was hovering near the triangle’s lower boundary, hinting at potential upcoming pressure. The HARSI, recently peaked above its upper threshold, suggesting that NEAR might be overbought. The condition often preceded a price pullback.
If NEAR holds on the breakout above the triangle, a strong uptrend might begin. Conversely, a breakdown could lead to declines.
NEAR Sentiment and Mindshare
The sentiment and mindshare for Near Protocol also showed an increase in positive sentiment recently, reaching an ATH, surpassing even the levels observed in mid-March when NEAR hit its 2024 peak. The surge in sentiment was coupled with an uptick in engagement, suggesting a growing interest and bullish outlook from the community.
Despite the spike in sentiment, NEAR’s price has not yet matched its 2024 highs, indicating a potential lag between market sentiment and actual price action.
The strong sentiment, if sustained, suggests that the price of NEAR could soon catch up to these optimistic views, especially considering the confluence of narratives around NEAR’s involvement in AI, chain abstraction, DApps, and scalability solutions.
High levels of sentiment and the foundational developments within NEAR’s ecosystem, make it reasonable to predict that NEAR’s price could soon rally.
If the positive sentiment continues to grow and supported by developments and adoption, NEAR might not only revisit its 2024 highs but could potentially exceed the $10 mark in the near future.
The bullish scenario hinged on the ongoing alignment of technology advancements and community support, driving broader market recognition and investment.