NEAR Protocol (NEAR), which has increased by more than 20 percent in two days, is on the verge of a significant breakout.
NEAR Protocol was one of the prominent altcoins in recent days when the crypto market was moving in an upward direction. NEAR Protocol managed to attract intense interest by increasing its social activity.
NEAR, which also benefited from positive market conditions, experienced a remarkable rise in a short time. NEAR has achieved a 22 percent price increase since November 18.
Recently featured: NEAR Protocol
NEAR Protocol, which has a public blockchain structure, has recently received intense attention from the crypto community. The upward trend in market conditions also pushed the NEAR price up.
NEAR has experienced a significant rise in recent days. The crypto market left behind a period last week when sales were dominant and decline concerns increased. However, selling pressures have ended in the crypto market, which was calm over the weekend. While the price of BTC remained in the stable region during the day, altcoins were seen to increase in volume.
One of the cryptocurrencies that participated in the trend and experienced an increase was NEAR. NEAR started its rise as of 00:00 on November 20, rising from $1,935 to $2,179. Additionally, NEAR was trading at $1.70 on November 18.
Creating a solid price structure, NEAR maintained its permanence above $2. This situation paved the way for the price to move in a bullish direction. Considering the market conditions and the important resistance break, the upside potential for NEAR is on the table. However, a reversal in market conditions could drop the price sharply.
Looking at the NEAR chart, $2,178 appears to be a critical resistance point. Breaking this resistance point could trigger a potential rise for NEAR. If the $2,178 resistance, which is an important breakout, is overcome, it could quickly reveal a 5 percent rise. NEAR may test the next resistance at $2.4. This resistance point emerges as an area where selling pressure is intense. If $2.4 is crossed, the next target will be $2.55. This resistance point lies between NEAR’s potential upside to the ultimate target of $2.75.
On the other hand, NEAR may experience a sharp decline as market conditions turn negative and selling pressure increases. The fact that the price is already inflated may trigger a sharp decline. The most important support point for NEAR will be $2. If this zone is lost, the price may drop to $1,926 in a short time. If one of the final supports at $1,926 is breached, the price could drop to $1,718.
