Recently, well-known cryptocurrency analyst World Of Charts covered the significant developments of NEAR Protocol (NEAR). According to the firm’s analysis, NEAR has successfully broken out of a descending wedge pattern, posting gains of nearly 8% since breaking out. Despite this promising start, NEAR still has a long way to go before it reaches its full potential.
The entire cryptocurrency market is experiencing a bull run, primarily driven by the soaring price of Bitcoin. This positive momentum has created a favorable environment for altcoins, including NEAR, to rally in value. The optimism surrounding Bitcoin has had a ripple effect, benefiting other cryptocurrencies such as NEAR, which are also profiting as a result of the overall market trend.
Adding to the excitement in the market is the much-awaited launch of an Ethereum exchange-traded fund (ETF), scheduled for July 23. This momentous event is expected to further energize the altcoin market. The introduction of the Ethereum ETF is expected to inject a new wave of optimism into the market, attracting new investors and increasing demand for altcoins.
Market watchers are closely monitoring NEAR’s trajectory as it continues its recent surge. A combination of technical chart patterns and favorable market conditions suggests that NEAR is poised for further upside. Investors are advised to closely monitor trends and market developments in order to make informed decisions in this changing landscape.
NEAR targets $7.68 after breaking out of key resistance level
According to the latest price analysis from More Crypto Online, NEAR Protocol (NEAR) may have completed wave ii/b and reached the 100% extension level at $4.03, although the current structure on the chart is somewhat ambiguous.
An important observation is that the rally from the recent bottom has formed a three-wave move. This pattern has the potential to develop into a five-wave move, suggesting a potential micro 1-2 setup that requires close attention.
In the past 24 hours, NEAR has recorded a significant increase of over 6%, with a 37% increase in the past week. Currently trading at $6.40, NEAR Protocol sits at 17th place in the cryptocurrency rankings with a market cap of $6.6 billion, reflecting growing investor interest.
From a technical perspective, NEAR has broken out of the resistance trendline of the descending triangle and surpassed the critical upper resistance level at $6.225. A sustained move above this level could pave the way for NEAR to challenge the $7.685 levels in the coming weeks, signaling a brighter outlook for the altcoin.
Recent performance and a potential breakout indicate growing investor confidence, and upcoming price action will be crucial to the future trajectory of NEAR Protocol. Market participants are advised to closely monitor unfolding trends and micro 1-2 setups that could be important for future gains.
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