Analysis
Near Protocol (NEAR) strong recovery after 43.5% long upper wick
Near Protocol (NEAR) rose 25% on December 23, heading towards an all-time high of $ 17.50.
Day outlook
On December 15, NEAR hit a new all-time high of $ 17.50. However, on the same day it fell sharply, leaving a long wick about 43.5% above it.
Despite the decline, the token regained its position shortly thereafter and began another upward move on December 21st. Two days later it broke above a descending resistance line created from the previous all-time high. This confirms that the correction has been completed.
Technical indicators are also increasing.
The MACD, formed from the short-term and long-term moving averages (MA), moved into positive territory for the first time in December, ie the short-term MA is moving faster than the long-term MA and confirms that the trend is up.
The RSI has also moved above 50, another sign of an uptrend.
NEAR / USDT daily chart | Source: TradingView
Short term movement
The six hour chart shows that NEAR has broken the $ 12.40 horizontal resistance area.
If there is a short-term decline, this zone now serves as a support.
Similar to the daily timeframe, both the RSI and the MACD are sloping up, which supports the continuation of the uptrend.
NEAR / USDT 6-hour chart | Source: TradingView
Count waves
Trader @ KRMA_0 tweeted a NEAR chart saying the token could soon move in line with AVAX’s bullish momentum.
The source: Twitter
The number of waves indicates that NEAR is on the third wave of a bullish impulse.
A $ 7 horizontal zone deviation and backtracking (green circle) indicates that the token has completed the second wave, a corrective waveform.
The first potential target for the top of the third wave is $ 23.1. The target is found by giving a ratio of 1: 3 waves to 1: 1.61 (white).
A potential target for the top of the overall move would then be 30.5, generated by the 4.2 outer fib retracement level (black) of the most recent decline.
NEAR / USDT daily chart | Source: TradingView
Here you can see the NEAR prices.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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Analysis
Near Protocol (NEAR) strong recovery after 43.5% long upper wick
Near Protocol (NEAR) rose 25% on December 23, heading towards an all-time high of $ 17.50.
Day outlook
On December 15, NEAR hit a new all-time high of $ 17.50. However, on the same day it fell sharply, leaving a long wick about 43.5% above it.
Despite the decline, the token regained its position shortly thereafter and began another upward move on December 21st. Two days later it broke above a descending resistance line created from the previous all-time high. This confirms that the correction has been completed.
Technical indicators are also increasing.
The MACD, formed from the short-term and long-term moving averages (MA), moved into positive territory for the first time in December, ie the short-term MA is moving faster than the long-term MA and confirms that the trend is up.
The RSI has also moved above 50, another sign of an uptrend.
NEAR / USDT daily chart | Source: TradingView
Short term movement
The six hour chart shows that NEAR has broken the $ 12.40 horizontal resistance area.
If there is a short-term decline, this zone now serves as a support.
Similar to the daily timeframe, both the RSI and the MACD are sloping up, which supports the continuation of the uptrend.
NEAR / USDT 6-hour chart | Source: TradingView
Count waves
Trader @ KRMA_0 tweeted a NEAR chart saying the token could soon move in line with AVAX’s bullish momentum.
The source: Twitter
The number of waves indicates that NEAR is on the third wave of a bullish impulse.
A $ 7 horizontal zone deviation and backtracking (green circle) indicates that the token has completed the second wave, a corrective waveform.
The first potential target for the top of the third wave is $ 23.1. The target is found by giving a ratio of 1: 3 waves to 1: 1.61 (white).
A potential target for the top of the overall move would then be 30.5, generated by the 4.2 outer fib retracement level (black) of the most recent decline.
NEAR / USDT daily chart | Source: TradingView
Here you can see the NEAR prices.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
