NEAR Technical Analysis: Bull Cycle Gains Momentum In Falling Channel

NEAR prices take a bullish turnaround from the support trendline teasing the resistance trendline breakout and a jump to $5. Key technical points: The NEAR market price has appreciated 8.34% over the past 24 hours. The price action shows a reversal rally within the falling channel. The 24-hour trading volume of Near Protocol is $251 Million, indicating a hike of 7.50%. Past Performance of NEAR The NEAR prices trend within a falling channel pattern, accounting for a drop of 58% to a low of $3. However, buyers immediately overtook the trend control resulting in a price jump to $3.75, accounting for a 20% inflation last week. The bullish turnaround approaches the resistance trendline and increases the likelihood of a trendline breakout. Source- Tradingview NEAR Technical Analysis NEAR price action shows a rising trend from the support trendline, but the falling trend in intraday volume warns of a reversal from the trendline. Hence, traders hoping for a bull run must wait for a breakout spot. The DMI indicator shows a weakness in the ongoing bearish trend as the spread between the DI lines decreases. Hence, the trend reversal crossover can signal a buying spot for safe traders. The RSI indicator displays an upward trend reversing from the oversold boundary and slowly advancing to that halfway point. The 14-day SMA shows a sideways trend higher than the 30% limit; however, the influence of bulls increases gradually. The MACD indica...