Wednesday, January 19

Technical analysis: NEAR breaks away from the market trend, find out where it is going here

While almost the entire crypto market continues to fall, the price of the NEAR token is increasing, managing to resume its short-term uptrend, and if you want to find out where it is going, then you should check out the technical analysis that we carry out below.

At the time of this writing, the NEAR protocol native token is trading at $ 15.02, accumulating a gain of 3.34% during the last 24 hours and 14.22% in the last 7 days.

Its market capitalization is $ 9,085 million, making it 24th in the Crypto Online ranking.

A few days ago we made a publication, where we put a list of 3 reasons to buy this token. The great scalability offered by this network was one of those reasons, a quality that makes it one of the most attractive at the moment for the development of decentralized applications.

The block validation protocol called Nightshade that this blockchain uses, gives dApps infinite scalability, which translates into extremely fast and inexpensive transactions. Without a doubt, this is what is causing so much positivity around this token.

NEAR token technical analysis

After doing an analysis of the daily chart NEAR vs USDT, we see how this token is resuming its uptrend in the short term, after having made a small retracement towards 38.20% Fibonacci.

Now NEAR could be looking for a new all-time high. The Fibonacci retracement tool puts us as a short-term target, the price of $ 18.70 (-27%). If the momentum spreads, then we can see the price reaching $ 21.70 (-61.8%).

Technical analysis of the daily chart of the NEAR token.  Source: TradingView.
Technical analysis of the daily chart of the NEAR token. Fountain: TradingView.

NEAR medium-term trend

From the weekly chart of the price of this token we see that the medium / long-term trend is bullish.

NEAR price escaped above a strong side last week, resuming its higher trend. Now a momentum is developing, and it is unlikely to be exhausted too soon.

As long as we continue to see this token marking higher and higher lows, there is no reason to think about sales.

NEAR medium / long-term trend analysis.  Source: TradingView.
Analysis of the medium / long-term trend of NEAR. Fountain: TradingView.

All our publications are informative, so in no case should they be followed as investment advice.

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