The daily chart shows that yesterday’s melt-up lifted NEAR Protocol above a descending trend line at $6.90. This accelerated the buying, and as a consequence, NEAR cleared the previous all-time of $7.4500. This now becomes the first level of support, followed by the former trend resistance, now seen at $6.85.
How far can the rally take NEAR? Considering the performance against a weaker market backdrop, the price action is definitely positive. Although the parabolic nature of yesterday’s advance has left the market looking a bit stretched. The Relative Strength Index is extremely high, and its 80.10 reading may lead to a correction.
In saying that, as long as trend support holds, the NEAR protocol price looks good. Just how good is hard to say. That depends on how the broader market fares in the coming days. Personally, I think chasing this rally is risky until stability is confirmed.
However, that made no difference yesterday, and if the price manages to clear Tuesday’s $10.45 high, it could well extend even higher. However, a correction is more probable.
Feel free and get in touch for more updates, signals and trade alerts
How far can the rally take NEAR? Considering the performance against a weaker market backdrop, the price action is definitely positive. Although the parabolic nature of yesterday’s advance has left the market looking a bit stretched. The Relative Strength Index is extremely high, and its 80.10 reading may lead to a correction.
In saying that, as long as trend support holds, the NEAR protocol price looks good. Just how good is hard to say. That depends on how the broader market fares in the coming days. Personally, I think chasing this rally is risky until stability is confirmed.
However, that made no difference yesterday, and if the price manages to clear Tuesday’s $10.45 high, it could well extend even higher. However, a correction is more probable.
Feel free and get in touch for more updates, signals and trade alerts
