Near Protocol (NEAR) Retraces Half Its Jan Drop
NEAR Protocol (NEAR) broke out from its nearly one-month-long consolidation pattern on March 23 and has been increasing since.
NEAR has been falling since reaching an all-time high price of $20.59 on Jan 14. The downward movement led to a low of $7.38 on Feb 24. The price has been moving upwards since.
So far, it has reached a high of $14.70 on March 30. The high was made right at the 0.5 Fib retracement resistance level. It is also the highest price since Jan 20.
Cryptocurrency trader @PostyXBT tweeted a chart of NEAR, stating that the price could go to $13.
Since the tweet, the price has reached this level and is currently making an attempt at breaking out.
Will NEAR break out?
Technical indicators in the daily time frame are bullish, supporting the continuation of the upward movement. This is visible by the fact that both the MACD and RSI are increasing and have crossed into bullish thresholds.
The MACD is positive and the RSI is above 50, both signs of bullish trends.
Symmetrical triangles are either part of wave 4 or wave B, the latter most likely being the case for NEAR.
Since waves A:C have nearly a 1:1 ratio, the upside potential in the short-term seems to be limited to $17.95, in case wave C extends.
NEAR/BTC
The NEAR/BTC pair shows a mostly bullish chart. The price halted its decrease on Feb 28 by bouncing at the 23,000 satoshi horizontal support area (green icon). The area had previously acted as the all-time high resistance, so its validation as support is important.
The price has been moving upwards since. A breakout from the 32,500 satoshi area would be expected to accelerate the rate of increase.
For Be[in]Crypto’s previous Bitcoin (BTC) analysis, click here
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