NEAR Bulls Charge For 20% Profits As Crypto Trades In Green In Last 24 Hours

Christian Encila

Last Updated: September 9, 2022 4:02 am

2 mins read

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While the NEAR market has been experiencing bearish activity, bulls have recently stepped up their pace with a rally.

NEAR’s price movement has turned positive after recent bear market activity. Coingecko data shows that NEAR experienced a series of price increases and decreases before the bulls charged back on September 8.

The bulls have set their sights on profits of 20% as the crypto enjoys trading in green territory in the last 24 hours.

Within the past two days, there have been three noteworthy price movements. There was a big jump on September 7, then a drop later that day. The price continued its ascent and hit a new high on September 8.

Several indicators seem to favor the bulls, according to a recent study.

NEAR Shows Aggressive Upward Pace

The Near Protocol weekly chart displayed a “Bullish Bat Harmonic” pattern, indicating an upward trend. The second top in such bullish pattern, on the other hand, is lower than the first.

Analysts have interpreted this pattern as evidence that the current trend will continue.

The $4.30 range has provided support for the upwards progression, while $4.60 has offered resistance. But as with any funding, there is always a risk of a downstroke.

Some market observers caution that a bear breakout at $4.30 would be detrimental for the uptrend. This purely theoretical bear growth spurt has the potential to drive the price to $3.80. However, patterns indicate otherwise.

In addition, the price formed yet another reversal sequence. The price exhibited an inverted “Head and Shoulders” formation.

Bullish Reversal Seen To Regain Investor Confidence

If the price is successful in breaking above its neckline ($4.56) and another resistance of the 50-day exponential moving average, a bullish trend is likely. Then, we can anticipate the price to retest its previous swing high and possibly break above it.

After such a period of bearish momentum, this recent bullish reversal can help restore investor confidence. The RSI of NEAR is also in the optimal range. The token is neither being overbought nor oversold if the RSI indicator is consistently in the middle section.

This recent bullish retreat after an extended bearish period is excellent news for NEAR traders. There may be a possible relief rally for the token after fears of a continual decline.

With this 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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.