NEAR gains 62% in two weeks: Are more gains likely?

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• NEAR’s each day and three-day market constructions have been bullish.
• The liquidation ranges heatmap illuminated why a rally above $2 was possible.

NEAR Protocol [NEAR] noticed its token costs rally swiftly previously twelve days. Nym Applied sciences, a chain-agnostic layer-0 privateness infrastructure, introduced a partnership with NEAR Protocol just a few hours earlier than press time.

Learn NEAR Protocol’s [NEAR] Worth Prediction 2023-24

The positive factors for the NEAR token have been possible not at an finish. Though some decrease timeframe retracements have been doable, a sustained rally will be anticipated for the token.

The weekly market construction is about to swing in favor of the bulls

Supply: NEAR/USDT on TradingView

The $1.633 (orange) stage demarcated the latest decrease excessive on the one-week chart. A transfer above it can flip the market construction bullishly on the upper timeframe chart. On the three-day chart displayed above, the construction was already bullish.

The RSI rocketed upward in latest days to face at 70. The On-Steadiness Quantity additionally famous respectable positive factors and mirrored an elevated shopping for quantity previously two weeks. Collectively, the technical indicators signaled extra upside might be anticipated.

On the decrease timeframe charts, a retest of the $1.3 zone might supply a great shopping for alternative. It had been a stage of help in June and August, and solely in latest days has it turned over to a help stage as soon as once more.

The long-term liquidation ranges heatmap gave a clearer thought of the place the NEAR rally might attain

Supply: Hyblock

How a lot are 1,10,100 NEARs price as we speak?

For the reason that present transfer increased didn’t but see a notable pullback, plotting Fibonacci ranges might be untimely. The liquidation ranges heatmap from Hyblock with a one-year lookback interval make clear the subsequent areas of curiosity.

The $1.7-$1.8 area was estimated to have over $1.5 billion price of liquidations. The $2.4 area has the same quantity, and each represented monumental swimming pools of liquidity that might entice NEAR costs. Therefore, bulls from cheaper price ranges might look to guide earnings at these ranges.