- Altcoin NEAR approaches its first major weekly decision pivot at $4.7.
- Can NEAR price continue to pump?
- Analysts expect NEAR price to surge over the coming months.
Several altcoin assets continue to see a surge in prices as the price of BTC trades in the $86,000 price range and the price of ETH trades in the $2,600 price range. Analysts expect BTC and ETH to correct slightly before coming back to their bull market pump. Among the many altcoins showing highly bullish indicators, NEAR takes the lead. At the moment, altcoin NEAR approaches its first major weekly decision pivot at $4.7, can NEAR price continue to pump?
Altcoin NEAR Approaches Its First Major Weekly Decision Pivot at $4.7
According to CoinMarketCap, the price of NEAR is currently trading at the $4.5 – $4.6 price range, marking that the popular altcoin is up by over 3% in the last 24 hours. What’s more, the asset is up by over 90% in the last 7 days and up by over 130% in the last 30 days. The price of NEAR set its ATH at $20 about 4 years ago. To reach this price again, NEAR needs to surge over 500%, can the asset hit new ATHs this bull cycle?
As we can see from the post above, the expectations for NEAR to surge over the coming months is very high. In detail, the analyst from the post above says that we are seeing NEAR approach its first major weekly decision pivot at $4.70. If NEAR clear that region, the analyst says that he will be looking for the macro expansion toward $6 – $7 for the price of NEAR. Personally, he does not think price needs to break out immediately.
To highlight, NEAR has rallied from the blue cycle acceptance channel into an extremely hot region within a matter of weeks. That is very similar to the recovery from the 2022 bear market. Price expanded out of the blue acceptance channel, consolidated beneath weekly resistance and rebalanced the move before eventually continuing higher. A reversion toward $3.30 – $3.60 at some stage would therefore make complete sense.
Can NEAR Price Continue to Pump?
The analyst concludes by saying that it would clear some of the late leverage, rebalance the liquidity created during this rally and test whether buyers are willing to defend the move away from the lows. That would not invalidate the macro setup. In fact, it would create a far cleaner region to add to a higher-timeframe position. Therefore, the roadmap is relatively simple. Weekly acceptance above $4.70 opens the move toward $6 – $7.
Rejection around these levels keeps $3.30 – $3.60 as the main rebalancing region below. The analyst concludes by saying that NEAR is already positioned from $3.60 and up almost 30% from entry. Now it’s simply a matter of seeing whether weekly resistance at $4.70 breaks first, or the market gives another opportunity to add lower. Thus, it is clear that the price of NEAR could surge parabolically soon.
