The NEAR Protocol (NEAR) flared up after nearly one-month combining pattern on 23 March and has been rising since then.
So far, it has reached a high of $14.70 on March 30. A higher was formed at the 0.5 Fibonacci Retracement resistance level. This is also the highest price since January 20.
@PostyXBT Tweeted a chart from NEAR, which said that the price could go up to $13.
This is the tweet that started it all. Within seconds of the tweet, the price of NEAR jumped from $2 to $13. This is the first time the coin has broken out of the bottom of the range. This is a good sign.
Will NEAR break?
The answer favours NO, because the technical indicators on the daily time frame are bullish, which supports the continuation of the upward move. This is visible from the fact that both MACD and RSI are rising and have crossed the bullish range.
The MACD is positive and the RSI is above 50, both indicating a bullish trend. There is likely no chance of any break at least for now.
Symmetrical triangles are part of either wave 4 or wave B, and the case with NEAR is wave 4.
Since waves A:C have a ratio of about 1:1, the upside potential in the short term appears to be limited to $17.95 if wave C extends.
Near/BTC Relationship
The NEAR/BTC pair is currently showing mostly bullish charts. If the price breaks above the 100 SMA, we could see a move to the upside. However, if the price continues its downward trend, we might see a bounce from the 100 SMA.
The price decline halted on February 28 by bouncing off the 23,000 Satoshi horizontal support area (green sign). The area previously served as resistance at an all-time high, so its recognition as a support is important.
Since then, the price has been moving upwards. A breakout from the 32,500 Satoshi area is expected to accelerate the rate of growth. If the price maintains a break out, it is expected to go above the 38,000 Satoshi area (orange sign).
Conclusion
The retracing of NEAR’s Jan drop has led to a call for action to investors. The data storage industry is growing at an exponential rate, and the Near Protocol (NEAR) team believes they have the necessary technology in place to take on this challenge.
NEAR has retraced 50% of its January drop. It could be due to the fact that the recent correction was mostly due to speculative selling and not price discovery, or that liquidity was drained by the February market close. NEAR is currently trading around the same price as where it was trading in mid-February.
