Is NEAR Protocol Poised for a Breakout Toward $20?


The price of NEAR Protocol (NEAR) has recently broken above the 200-day Exponential Moving Average (EMA), signaling a bullish trend. In just one week, NEAR has surged by 35%, marking a significant breakout in the market.

Bullish Breakout from Falling Wedge Pattern

NEAR’s price experienced a notable breakout from a falling wedge pattern, rising by 16% in a single day. However, since March, buyers have struggled to maintain momentum, facing strong selling pressure that has led to declines. This resistance has been primarily due to a descending trendline.

The bearish trend found support around the $3.50 mark, where buyers regained control, as indicated by technical analysis. Since August, NEAR has defended the $3.50 level twice and has seen a remarkable gain of about 50% in less than three weeks.

Can NEAR Price Reach a New All-Time High?


Crypto analyst Boj (@CryptoBoj) believes that NEAR has the potential to reach the $20 mark. He noted that the price was forming an inverted head and shoulders pattern on a 4-hour time frame. A breakout from this descending triangle pattern could indicate a bullish trend ahead. With NEAR currently at a major support level, its bullish momentum may drive the price higher toward that $20 target.

Is the $10 Mark Within Reach?

Given the recent bullish breakout, NEAR's price trajectory looks promising. Many analysts believe the digital asset could continue its upward trend, possibly reaching the $10 mark by October. Positive technical indicators, including bullish divergence in the Relative Strength Index (RSI) and a MACD crossover, further support a favorable outlook for buyers.

Caution Amid Potential Gains

However, investors should remain cautious. If NEAR fails to hold its strength and drops below key support levels, it may invite selling pressure and lead to a significant downturn. While the potential to reach $10 is evident, it's crucial to monitor the market closely for any changes in momentum.

For a deeper analysis and more detailed price predictions for NEAR Protocol, check out our full Near Protocol Price Prediction Article.

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