While the NEAR market has been experiencing bearish activity, the bulls have recently picked up their pace with a rally.
NEAR price action has turned positive after the recent bearish market activity. Coingecko data shows that NEAR saw a series of price increases and declines before the bulls rebounded on September 8th.
The bulls have their sights set on making 20% profits as the cryptocurrency enjoys trading in the green in the last 24 hours.
Over the past two days, there have been three noteworthy price movements. There was a big jump on September 7, and then it dropped later that day. The price continued its rally and reached a new high on September 8th.
Several indicators seem to favor the bulls, according to a recent study.
NEAR shows aggressive progressive speed
The weekly chart near the protocol is showing a bullish bat consistency pattern, indicating an upward trend. On the other hand, the second top in this bullish pattern is lower than the first.
Analysts interpreted this pattern as evidence that the current trend will continue.
The $4.30 range provided support for the upward advance, while $4.60 provided resistance. But as with any financing, there is always a risk of a stroke.
Some market watchers are warning that a break down at $4.30 would be detrimental to the upside. A purely theoretical bear growth spurt has the potential to push the price to $3.80. However, the patterns indicate otherwise.
In addition, the price formed another reversal sequence. The price showed an inverted “head and shoulders” formation.
A bullish reversal was seen to restore investor confidence
If the price succeeds in breaking the neckline ($4.56) and another resistance of the 50-day exponential moving average, an upward trend is likely. After that, we can expect the price to retest the previous swing high and possibly break above it.
After this period of bearish momentum, this latest bullish reversal could help restore investor confidence. The NEAR RSI is also in the optimal range. A token is neither overbought nor oversold if the RSI is constantly in the middle section.
This latest bullish pullback after an extended downtrend is excellent news for NEAR traders. There may be a potential rally for the token after fears of a continuation of the decline.
With such an upward trend, this may be the only glimmer of hope in the dreaded crypto winter.
NEAR total market cap at $3.5 billion on the daily chart | Source: TradingView.com Featured image from BingX Blog, chart from TradingView.com