While the NEAR market has been experiencing bearish activity, bulls have recently stepped up their pace with a rally.
NEAR’s price movement has turned positive after recent bear market activity. Coingecko data shows that NEAR experienced a series of price increases and decreases before the bulls charged back on September 8.
The bulls have set their sights on profits of 20% as the crypto enjoys trading in green territory in the last 24 hours.
Within the past two days, there have been three noteworthy price movements. There was a big jump on September 7, then a drop later that day. The price continued its ascent and hit a new high on September 8.
Several indicators seem to favor the bulls, according to a recent study.
NEAR Shows Aggressive Upward Pace
The Near Protocol weekly chart displayed a “Bullish Bat Harmonic” pattern, indicating an upward trend. The second top in such 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 upwards progression, while $4.60 has offered resistance. But as with any funding, there is always a risk of a downstroke.
Some market observers caution that a bear breakout at $4.30 would be detrimental for the uptrend. This purely theoretical bear growth spurt has the potential to drive the price to $3.80. However, patterns indicate otherwise.
In addition, the price formed yet another reversal sequence. The price exhibited an inverted “Head and Shoulders” formation.
Bullish Reversal Seen To Regain Investor Confidence
If the price is successful in breaking above its neckline ($4.56) and another resistance of the 50-day exponential moving average, a bullish trend is likely. Then, we can anticipate the price to retest its previous swing high and possibly break above it.
After such a period of bearish momentum, this recent bullish reversal can help restore investor confidence. The RSI of NEAR is also in the optimal range. The token is neither being overbought nor oversold if the RSI indicator is consistently in the middle section.
This recent bullish retreat after an extended bearish period is excellent news for NEAR traders. There may be a possible relief rally for the token after fears of a continual decline.
With this upward trend, this may be the only glimmer 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