While the NEAR market is showing bearish activity, the bulls have recently picked up the pace with a rally.
NEAR’s price action turned positive after the recent bear market activity. Coingecko data shows that NEAR saw a series of price increases and decreases before the bulls charged again on September 8.
Bulls have targeted 20% gains as the crypto has enjoyed trading in the green over the past 24 hours.
In the last two days, there have been three notable price movements. There was a big jump on September 7th, then a drop later that day. The price continued its rise and reached a new high on September 8.
Several indicators appear to favor the bulls, according to a recent study.
NEAR Shows an aggressive uptrend
The weekly Near Protocol chart displayed a “Bullish Bat Harmonic” pattern, indicating an uptrend. The second peak in such a bullish pattern, on the other hand, is lower than the first.
Analysts have interpreted this pattern as evidence that the current trend will continue.
The $4.30 range has provided support for the upside, while $4.60 has provided resistance. But as with any funding, there is always a downside risk.
Some market watchers warn that a drop to $4.30 would be detrimental to the uptrend. This purely theoretical bear development burst has the potential to drive the price to $3.80. However, patterns suggest otherwise.
Moreover, the price formed another reversal series. Price displayed an inverted Head and Shoulders formation.
A bullish reversal seems to have regained investor confidence
If the price manages to break above the neckline ($4.56) and another resistance of the 50-day exponential moving average, an uptrend is likely. We can then predict the price to retest its previous swing and possibly break above it.
After such a down period, this recent upside reversal may help restore investor confidence. NEAR’s RSI is also in the optimal range. The token is neither overbought nor oversold if the RSI indicator is consistently in the middle section.
This recent pullback to the upside after an extended bearish period is great news for NEAR traders. There may be a possible relief rally for the token after fears of a continued decline.
With this upward trend, this may be the only ray of hope in the dreaded crypto winter.
NEAR total market cap at $3.5 billion on the daily chart | Source: TradingView.com Featured image from BingX Blog, chart from TradingView.com