NEAR Jumps 60%, Will It Go Further? Will It Reclaim $3?

▲ NEAR Protocol (NEAR) / AI generated image

NEAR Protocol (NEAR) has surged approximately 60% from its August low, testing the possibility of rebreaking the $3 mark.

According to U.Today on September 10 (local time), NEAR continued its upward trend, which began around $1.60 in August, rising approximately 13% in one day to $2.62. This surge decisively broke above all major moving averages. The 20-day Exponential Moving Average (EMA) has risen to approximately $2.03.

The 50-day, 100-day, and 200-day Exponential Moving Averages are concentrated between $1.83 and $1.87. This range has established itself as a key mid-term support level. However, the rapid pace of the short-term rally has increased concerns about overheating. The daily Relative Strength Index (RSI) has entered the overbought zone at approximately 75.

The immediate resistance level to overcome is $2.60-$2.65. If this range is decisively breached, $2.80 is presented as the next target. Beyond that, the $3-$3.10 range, where previous highs were formed in May-June, remains a major resistance level.

If the upward momentum weakens, $2.40-$2.45 is the first line of defense. In case of a larger correction, it could fall to $2.20. In the event of further decline, the area around $2.03, where the rapidly rising 20-day Exponential Moving Average is located, is suggested as the next support level.

The technical structure is still considered favorable for buyers. However, U.Today analyzed that since NEAR has surged approximately 60% from its August low, a sideways consolidation phase is necessary to alleviate short-term overheating and sustain further gains.

[Article Summary]

-NEAR has risen approximately 60% from around $1.60 in August, breaking above all major moving averages.

-If $2.60-$2.65 is surpassed, $2.80 and $3-$3.10 are presented as the next resistance levels.

-The Relative Strength Index (RSI) has entered the overbought zone at approximately 75, increasing the likelihood of short-term profit-taking.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*