NEAR (NEAR) – Completed a bullish trend pattern above 11.94Posted on Wednesday, March 23 2022 at 9:10 pm GMT+0000
The cloud computing platform NEAR Protocol (NEAR) gained significant buying traction on Wednesday and inched to a fresh five-week high.
The price cracked the March 1st high signaling a bullish trend reversal pattern, and the Ichimoku lines are exhibiting a strong positive charge suggesting that bullish sentiments will likely persist for a bit longer. Furthermore, the oscillators are promoting further price advances, as the RSI is creeping higher above its 50 neutral threshold and the KST is strengthening its bullish move above its trigger and zero lines.
So, buyers will likely remain in the driver’s seat and are expected to force the price towards the zone between the 161.8% Fibonacci extension level of the last down-leg at 13.56 and the February 7th high at 14.08 encapsulating the upper surface of the Ichimoku cloud. Next, they will aim for the Fibonacci 261.8% level at 16.18.
Otherwise, if the price returns inside the range following any instant dampening in sentiments, initial support may transpire from the soaring Tenkan-sen line at 11.16. In the event a deeper pullback unfolds, the Kijun-sen line at 10.38, may delay the bears from challenging the cloud’s lower surface and the neighboring March 7th bottom at 9.32.
Summarizing, NEAR has completed a bullish trend pattern above 11.94 amplifying odds for a price acceleration initially towards 13.56.