The current NEAR protocol price analysis is in favor of buyers for today as bulls have made significant progress by covering a range upwards and elevating the price to the $4.45 level. The bulls are showing aggressive momentum and have recovered the coin’s price well since yesterday. Overall the cryptocurrency has been consolidating for the past few weeks, and now it seems like it has made an upwards breakout from this consolidation, as the buying process has gained momentum.
NEAR/USD 1-day price chart: Correction may loom as price races high
The 1-day Near Protocol price analysis shows bullish price action taking place as bulls seem quite aggressive today. The NEAR/USD traded in a range of $3.98 on the lower side to $4.52 on the higher side. Currently, the crypto pair is trading hands at $4.45 at the time of writing, as NEAR reports an increase in value by 16.5 percent over the last 24 hours. At the same time, it also reports an increase in value by a much larger margin of 35.50 percent over the course of the last seven days, as the trend was upwards during the past week. The market cap has also increased by 16.22 percent, and the trading volume surged by 152 percent today.
The volatility for NEAR/USD is low but increasing as the Bollinger bands have started to expand with the racing price, the upper limit of the Bollinger bands is now trading at the $4.12 level, and the lower limit of the indicator is present at the $2.95 mark representing the strongest support for the cryptocurrency. The average centerline of the Bollinger bands is present at $3.53, and the price is trading upwards of the upper band, which is a bullish indication.
The relative strength index (RSI) curve is sharply upwards, and the RSI score has improved to index 63 after remaining below the centerline of the neutral range for quite a long period.
NEAR Protocol price analysis: Recent developments and further technical indications
The 4-hour price chart for NEAR Protocol price analysis shows a continuation of the upwards price function, as, after a sudden drop in price yesterday, bulls took the lead and have successfully continued the upwards trend again since then. The trend for today has been no different and even shows more aggressive progress as today’s candlesticks are larger comparatively, indicating strong bullish momentum.
The volatility, according to the 4-hour chart, is also high and further increases as the Bollinger bands have expanded vastly. The upper limit of the Bollinger bands is present at the $4.31 mark representing support for the NEAR/USD as the price has broken past the upper limit of the indicator in the last few hours, and the lower band has traveled down to $3.14 level.
The RSI on the hourly chart shows the NEAR is in the overbought status as the indicator has reached index 76 of the overbought region. The steep inclining curve of RSI is indicting strong buying momentum currently.
NEAR Protocol price analysis conclusion
The NEAR Protocol price analysis suggests, overall, an uptrend was following for the past week. Despite the bearish market conditions, bulls have shown remarkable spirit today. We expect NEAR to continue further upside today as the bullish momentum is quite aggressive. On the other hand, a correction may also take place in the coming hours as the price has raced quite higher since yesterday.
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