Concerning the February 24th low at $7.5, the NEAR/USDT pair has doubled since the past month, registering a 113% ROI. The altcoin rallies higher as it completes a rounding bottom pattern with its neckline $20.65. Moreover, the Near protocol recently highlighted on their Twitter handle the series of events that bolstered the march rally, inducing the launch of the Unchainfund, their partnership with SialGP, and the announcement of the MetaBUILD 2 winners.
Key points:
- The Daily RSI slope is nearing to overbought region
- NEAR chart displays a strong supply zone at $7.3
- The intraday trading volume in the NEAR is $1.09 Billion, indicating a 36% hike.
Source- Tradingview
Following the January sell-off and February accumulation phase, the NEAR/USDT pair has moved to the next stage of the rounding bottom pattern, i.e., recovery rally. On March 1st, the coin buyers gave a massive breakout of $10 psychological level, providing the first recovery sign.
After a two-week sustainability check above $10, the coin price started to rally again and sliced through a significant resistance of $13.5. The post-retest rally has surged the altcoin by 20% as it is gradually nearly All-Time High resistance of $20.6.
Under the bullish pattern influence, the NEAR price is expected to continue this rally and hit the ATH resistance by this month. However, a strong supply zone that could interrupt this rally is located at $17.3.
March has been an eventful month for the NEAR community.
Highlights included the launch of the @Unchainfund, the @SailGP partnership, the announcement of the #MetaBUILD 2 winners and more.
Read the March recap 🔽https://t.co/CCqlOmyeKx
— NEAR Protocol (@NEARProtocol) April 1, 2022
On the other hand, a successful breakout from this resistance would drive the coin price by 18.5%, pumping it to $20.65. Moreover, the rounding pattern could lead the NEAR price to higher levels.
Technical indicator
The NEAR price rises above the crucial EMAs(20, 50, 100, and 200), indicating a solid bullish trend. Crypto traders can expect strong support from these lines during the occasional pullbacks.
The Daily-RSI chart displays a steady rally with no significant signs of weakness.
- Resistance levels- $17.3, $20.65
- Support levels- $13.3 and $10
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