Crypto analyst David expects the NEAR price to continue rising in the near future. Despite this strong increase, the leading altcoin could not reach its annual peak of only $ 4. Analyst Valdrin Tahiri says this could be possible this week. Another analyst, Arman Shirinyan, talks about a ‘Golden Cross’ for the ADA.
NEAR price prediction: Altcoin is ready for a strong rally!
Near Protocol (NEAR) price has moved higher since it formed a divergence below the horizontal support zone at $1.2 (green ellipse). Such deviations are usually followed by sharp increases. Indeed, this increase helped NEAR price climb above the key $1.6 resistance zone. Additionally, last week confirmed it as support (green arrow).
In particular, the confirmation candle has a long lower wick and significant trading volume. This is an extremely bullish development that indicates that the previous downtrend has ended and a new uptrend has formed. The weekly RSI (Relative Strength Index) has broken above the long-term resistance line. Additionally, it rose above the 50 level. This supports the possibility of an increase. If the upside momentum continues, the altcoin price could rise to the next significant resistance zone at $2.7, which is 60.89% higher than the current price.
The most likely scenario shows that the NEAR price will continue to rise in the future. However, the altcoin may correct towards the $1.48-$1.54 range before resuming the uptrend.
ETH price prediction: Will it reach the new year’s high?
Using Elliott Wave theory, technical analysts examine recurring long-term price patterns and investor psychology to determine trend directions. The weekly chart has a rather positive outlook, corresponding to the altcoin price breaking out of the long-term horizontal resistance at $1,950. This analysis indicates that ETH is currently in the third wave of a five-wave bullish cycle (black) that occurs in June 2022. The lower wave progression outlined in white shows that ETH is currently in the third lower wave.
The increase is also supported by the weekly RSI, which has just risen above 50. Giving the first and third waves a ratio of 1:1.61 would lead to a high of $3,250. This is very close to the long-term resistance at $3,500. To achieve this, the Ethereum price must move upwards by 65%.
However, despite this bullish ETH price prediction, it is crucial to note that a weekly close below the long-term resistance at $1,950 would invalidate the breakout. In this case, a 40% drop to $1,200, the closest support for the altcoin, is possible.
ADA price prediction: Altcoin paints the ‘Golden Cross’!
Cardano (ADA) has drawn an important technical formation known as the Exponential Moving Average (EMA) ‘Golden Cross’. This pattern is traditionally seen as a bullish signal in the market. This technical event is generally accepted as an indicator that a new uptrend has begun. In the case of ADA, it is in line with the broader positive momentum in recent market behavior. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator signals increasing buying pressure from signal lines and histograms. This supports the bullish sentiment. So, it is a favorable environment for the emergence of the ‘Golden Cross’.
For ADA, the formation of the Golden Cross could attract new buying interest. This could potentially push the altcoin price higher to test the next resistance levels. However, the market is digesting the rapid change in sentiment. In this environment, it is not uncommon for assets to pull back shortly after such a transition.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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