Near Protocol (NEAR) Poised For Rally: Can It Hit $10 This Month?

• Near Protocol (NEAR) price trades in the bullish trajectory and is ready to outperform ahead.
• Buyers have held momentum and are eyeing a breakout soon.

The Near Protocol (NEAR) price trades in a bullish course and directs an uptrend on the charts. Recently, the token recorded a falling wedge breakout pattern, which might skyrocket gains ahead.

This month, the token witnessed fresh buying momentum and surged over 30%, making higher high swings. NEAR crypto has recently made a high mark of $9 and has retraced to a 50% Fib support zone of $5.

Afterward, the token regained strength, recovered over 45% of gains, and was eyeing to cross the primary hurdle of $9. A break and close above the $9 mark would soar the token towards $10 soon.

At press time, the Near Protocol (NEAR) price traded at $7.48 with an intraday rise of 1.34%, reflecting bullishness on the charts. It has a monthly return ratio of 23.30% and 364.20% yearly, revealing a short-term uptrend.

The pair of NEAR/BTC is at 0.000110 BTC, and the market cap is $4.55 Billion. Analysts are bullish and suggest that the NEAR price may register a sharp breakout and might soon cross the $10 mark.

NEAR To Emerge Soon: Price Action Outlook

Since the start of this month, the token has been traded with a bullish bias and has revealed investor interest. Moreover, the token received support and bounced multiple times from the 50-day EMA mark.

The ongoing price action highlights that the token is ready for an upcoming rally, and buyers are eyeing to breach the $10 mark ahead.

Source: TradingView

Amidst the choppy market moves, the NEAR crypto continued to uplift gains slowly & steadily and is eyeing to strike the resistance mark of $9.

Moreover, the trading volume pumped up significantly and rose over 27.54% to $156.68 Million in the last 24 hrs.

Additionally, the technical indicators have glimpsed a positive buy signal, as the token is all set for a bullish rally above the $9 mark.

A tweet by @SatoshiFlipper implies that the NEAR crypto has displayed an ascending triangle pattern and is ready to lift gains in the upcoming sessions.

$NEAR/usdt DAILY

I spy this lovely ascending triangle I've been tracking for $NEAR …. only a matter of time before we have liftoff pic.twitter.com/ZwzXJb3EDQ

— Satoshi Flipper (@SatoshiFlipper) June 1, 2024

Source: X

Going Forward, a tweet by Charlie says that he expects a significant upside and indicates that NEAR might blast over 30% in a day.

Truly hoping $NEAR can do what it does and just blast +30% in a day. pic.twitter.com/30ANjPzSb0

— Charlie (@btc_charlie) June 2, 2024

Source: X

Futures Data Displays Long Buildup Activity 

Buyers have started showing interest and have made fresh, long positions in the past sessions.

The open interest surged over 4.39% to $280.13 Million in the last 24 hrs, revealing a positive outlook. The immediate support levels for the NEAR price are $7.30 and $7, whereas the key upside hurdle is around $9, followed by $9.60

Conclusion

The Near Protocol (NEAR) price trades close to the resistance zone of $9 and looks bullish on the charts. Moreover, the trend is bullish, and buyers are eyeing a significant rally in the next sessions.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.