NEAR's price continued to rise for the second consecutive session. Prices have risen nearly 20% in the past two days, indicating a strong bullish undercurrent.
NEAR prices are up 152% since Feb. 24, indicating continued buying pressure. The move follows NEAR's success in holding the $10.80 to $12.0 supply zone. The high and low swings in this uptrend are marked by local tops and bottoms, forming a perfect uptrend channel.
An uptrend line extending from the low of $7.39 provides support for bulls. In addition, the key level above $15.80 is resistance. The move was supported by above-average trading volumes.
Now, sustained buying pressure will bring back the all-time high of $20.46 set on Jan. 16. Conversely, a shift in buying sentiment and daily menorticks below session lows will nullify the bullish outlook. In this case, the first downside target could be at the April 1 low of $12.55.
A break of Near's bullish skew line will accelerate selling to horizontal support at $11.10.
NEAR is currently trading at $18.67, up about 20.5% on the day. 24-hour trading increased by more than 49% in 24 hours.
Technical indicators:
(1) Exponential smooth moving average: The moving average converges and diverges firmly above the Central Line, showing a bullish bias.
(2) RSI: The daily RSI is close to 71. Although the volatility indicator trades near the overbought zone, it still has the potential to stay there longer in highly bullish conditions.