- The RSI chart shows a slight bearish divergence concerning the near coin price
- The NEAR/BTC pair was trading at 0.0002046 BTC with a gain of 25.9 %
- The 24-hour trading volume in the NEAR coin is $1.08 billion
As mentioned in my previous article on Near Protocol, the NEAR coin indicated the end of its retracement phase when the price gave a bullish breakout from its symmetrical triangle pattern. The price provided an excellent follow-up for this breakout; as compared to last week, the price is up by 60%.
Concerning the EMAs, the NEAR price is trading above 20, 50, 100, and 200, indicating a bullish trend.
The RSI (BULLISH) value is at 74, indicating a strong bullish momentum in the coin.
NEAR Coin Price Gives A Decisive Breakout Rounding Bottom Pattern
The NEAR coin displayed the formation of a rounding bottom pattern in the 4-hour time frame chart. The pattern had its critical resistance (neckline) at $11.7, and on October 25th, the price provided a decisive breakout from this neckline. By the press time, the price has already tested this broken level to obtain proper support, and now the coin is ready to make a new all-time high in its chart.
According to the traditional pivot levels, the next horizontal resistance level for SHIB price is at $14.2, followed by the $15.7 mark. The nearest support levels are $12.8 and later $11.4.
The moving average convergence/divergence indicator (BULLISH) shows that both the MACD line and signal lines are moving higher to the neutral zone (0.00), indicating strong bullish momentum in the NEAR coin.
Conclusion: The NEAR coin indicates a strong uptrend in its technical chart; the price has tested the previous ATH of $11.8, and now its steady chagrin to the higher level of the chart. Thus, it’s a HOLD signal for the long trader, at least till the price sustains above the $11.8 mark.
Support– $11.8
Resistance– $14.2