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NEAR Protocol on Verge of Bullish Breakout, Analyst Sees Memecoin Parallels

NEAR Protocol on Verge of Bullish Breakout, Analyst Sees Memecoin Parallels

NEAR Protocol (NEAR) is poised for a potential surge, with analysts eyeing a critical technical level that could trigger a significant price increase. The altcoin has been attracting investor interest due to several bullish indicators.

 

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NEAR’s Funding Rate Hints at Optimism

The number of open NEAR contracts surpassed $100 million last month, reflecting heightened investor activity. This suggests that long positions (bets on price increases) are dominant, indicating a positive market sentiment.

Analyst Sees Parallels to Memecoin Rally

A renowned analyst, Credible, has drawn comparisons between NEAR’s current price action and the recent rally of the meme coin, Pepe. Credible suggests that dips could be buying opportunities for NEAR, as he has already invested in the altcoin.

While bullish on NEAR, Credible predicts price corrections for high-volume altcoins like Pepe.

NEAR/USD Technical Indicators Flash Bullish Signals

  • Ascending Triangle Pattern: NEAR’s price chart currently exhibits an ascending triangle, often a precursor to a breakout.
  • Relative Strength Index (RSI) Above 50: The RSI, a momentum indicator, sits above 50, suggesting a strong uptrend.

Breakout Target: $9.9

  • Potential 31% Increase: If NEAR breaches the resistance level at $7.7, it could surge towards $9.9, marking a significant price jump.

 

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ABOUT THE AUTHOR See More
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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