NEAR He continues to be on the list of the highest earners of recent times. In this context, last night’s 24% price increase signals the start of the Christmas Rally for Near Protocol.
More than one altcoinA similar trend in marks the beginning of a Santa Claus Rally and potentially a new Altcoin season. The bullish recovery pushes YTD growth for the Close protocol to a sensational 185%.
With the ongoing recovery rally poised to break the $4 barrier before the end of 2023, NEAR crypto-remains an option for breakout and momentum investors. Due to these factors, the likelihood of an ongoing bull run for the Near protocol has increased significantly.
Koinfinans.com As we reported on the weekly chart, the comeback rally for Near Protocol marks an extraordinary rally, breaking multiple barriers. The NEAR price trend, which has provided a return of 212% in the last three months, continues its upward marathon rapidly.
Additionally, the trend of increasing intraday trading volume and improving sentiments fueling Near Protocol’s network growth are supporting the uptrend.
The exponentially linear rise shows a high-speed retracement past the 50% Fibonacci retracement level on the weekly chart.
On the daily chart, trend momentum is increasing and showing multiple bullish engulfing candles to test the $4 mark. However, the short-term pullback leads to a long candle as NEAR price is currently trading at $3.55.
Technical indicators:
Bollinger Bands: The Near Protocol recovery rally continues with the strengthening uptrend in Bollinger Bands. Additionally, the bull run challenges the upper Bollinger Band and extends it beyond the boundary, reflecting high demand.
RSI indicator: The daily RSI line has entered the overbought zone, indicating a high demand phase in the NEAR price trend.
Will NEAR Price Reach $5?
Notching an impressive 185% year-to-date growth, the NEAR price trend is showing a strong reversal rally poised to enter 2024 with a bang. The increasing possibility of a bull run with the breakout of $4 is increasing the interest of sidelined traders in Near Protocol.
As the market recovers and sentiment increases, buyers are quickly lining up in anticipation of a breakout rally that could reach $5.
On the other hand, a pullback from $3.86 could retest the $3 bullish breakout.