Range Breakout Eyes NEAR Price Above $20.6 mark

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Over the last few weeks, the Near protocol(NEAR) price has impressively endured the broader market correction. As a result, the price hibernated under an accumulation range between the $15 and $17.69 marks. However, the recent increase in bullish momentum projects a possibility of the trend surpassing the overhead resistance. 

Key points: 

The Range breakout rally could pump NEAR price by 16%
The bullish crossover of the VI+ and VI- slopes attract233 additional buying
The intraday trading volume in the NEAR is $1.4 Billion, indicating a 40% hike.

NEAR priceSource- Tradingview

The NEAR/USDT pair shows a rounding bottom pattern in the daily time frame chart. Under the pattern’s influence, the coin price represented a significant rally in the past few weeks, bringing it to the $17.7 mark.

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Amid the recent uncertainty and sell-off in the crypto market, buyers struggle to surpass the overhead resistance($17.7). However, the buyers didn’t give much ground and prevented the coin price from falling below $15 support.

The resulting consolidation reflects a narrow range confined between the $17.7 and $15 levels. Furthermore, the recent price jump accompanied a $41% spike in volume activity, teasing a range breakout.

A daily-candlestick closing above the $17.7 mark would renew the bullish momentum and surge the NEAR price to the $20.6 mark.

Alternatively, the fallout from the narrow range remains on the cards, which could trigger a legit correction in NEAR price.

Technical indicator

The surging 50-day SMA crosses above the 100-day SMA, providing a bullish signal. Hence, the crossover increases the chances of a bullish consolidation breakout.

Adding points to the bullish dogma, the Vortex indicator shows the VI lines giving a bullish crossover. Hence, a further increase in the bullish spread will indicate a price jump above the $18 mark.

Resistance levels- $17.7, and $20.65
Support levels- $15.2 and $13.3

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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