NEAR Coin is showing signs of revival, reaching its highest level since April. NEAR, one of the altcoins most affected by the FTX crash, had received significant investments from FTX, like Solana, leading to intense selling. However, now that it has risen above the $2 mark, investors seem hopeful.
Bitcoin‘s price is at $43,800 as this article is written and is exciting investors; not long ago, the $25,000 and $28,000 levels were being watched. Bitcoin’s price has risen above $31,800 much faster than expected. In the midst of this rise, NEAR Coin’s price is also recovering.
When the major cryptocurrency rally began in October, NEAR Coin broke through the 440-day resistance and started to ascend. Breakouts from long-term resistances often lead to parabolic rallies. The upward movement has been rapid since the breakout, and significant horizontal resistance has been reclaimed.
Under the current outlook that the rally could continue, the price increased after a bullish divergence formed on the RSI. If BTC does not start a significant and sudden loss streak, new peaks could be possible.
A dominant bullish sentiment similar to the weekly chart is observed on the daily chart. RSI supports the rally, and demand is lively. Despite the rejection on the chart, the price confirmed its steady rise by rebounding from the 0.618 Fibonacci retracement resistance level on December 4th.
Popular crypto analyst ZaykCharts looks confident about testing higher levels in the future. According to him, the breakout from the descending channel clearly started a significant uptrend. Analyst Osbrah agrees with this view. Sharing a shorter-term chart, the analyst concurs with the uptrend. If NEAR continues its upward movement, prices could increase by an additional 15%, potentially surpassing the $2.70 horizontal resistance area.
Nevertheless, despite the strong bullish sentiment and analyst views, if the NEAR Coin price closes below the $2.13 support level, the trend could reverse. In this case, the targeted retracement point would be $1.8. The risk of support loss in a potential BTC correction should not be overlooked; BTC has often seen corrections with double-digit losses after such rapid increases.