Near Protocol Eyes Breakout: Can NEAR Bulls Sustain Momentum?

2024-9-13 00:30

Near Protocol (NEAR) has interested crypto analysts and trader, as its price action suggests potential bullish momentum. According to tweets by analysts Posty and Sjuul from AltCryptoGems, NEAR has made progress, but critical levels remain to be tested before a confirmed trend reversal can be established. 

Both analysts highlight that while NEAR has had a strong day, further work is required to sustain its upward movement, particularly with respect to key support and resistance levels.

NEAR Key Price Levels Play a Crucial Role

Sjuul, from AltCryptoGems, shared an analysis of NEAR’s price structure, focusing on the importance of several key levels. The primary support/resistance zone is identified around $1.40, which NEAR needs to break and flip into support to confirm a bullish reversal. This level acts as a critical point for determining the token’s future direction.

Well done Bulls, level defended on $NEAR.

Now we are approaching the real trouble and the moment of truth.

To keep bullish momentum, we want to see first this higher low holding as the beginning of a change in structure and that S/R level flipped.https://t.co/sxiO525y9z pic.twitter.com/BVqaV6cTRa

— Sjuul | AltCryptoGems (@AltCryptoGems) September 12, 2024

Further, there are additional support levels, including mid-range support at $1.25, which has held during the current price structure. NEAR also benefits from a strong support zone near $1.10, from where the token bounced, signaling that the bulls have successfully defended this level. 

The analysts suggest that holding these levels will be key to maintaining bullish momentum moving forward.

Higher Low Signals a Potential Trend Shift

A notable observation from Sjuul’s chart is the formation of a higher low at $1.10, which suggests a potential shift in the price trend. The bulls need to maintain this higher low to secure a positive change in structure. If NEAR manages to hold this level and subsequently flip the $1.40 S/R level, it could pave the way for further gains.

While NEAR has seen upward movement in recent days, analysts caution that the token is now at a “moment of truth.” The next steps, particularly in the coming days, will be crucial in determining whether NEAR can sustain this bullish structure or face resistance at critical levels.

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Show more +Show less – Near Protocol in Context of the AI Narrative

Posty highlighted NEAR’s involvement in the growing AI narrative, mentioning its ties to Nvidia. 

While NEAR has potential for growth, he advised caution, stating that a realistic top-end expectation for the token would be a 5-10x increase due to its market cap limitations. 

$NEAR

Still got plenty of work to do despite being up nicely on the day. Same goes for so many alts out there.

I like NEAR as a play this cycle. Decent L1 tapping into the AI narrative with Nvidia links.

Think 5-10x is the realistic top end expectation though due to mcap. pic.twitter.com/pVlNwFjccx

— Posty (@PostyXBT) September 12, 2024

This aligns with his belief that NEAR still has more work to do to realize its full potential during this cycle. Both Posty and Sjuul’s observations indicate that Near Protocol is at a crucial juncture. 

Key levels act as the gateway for either further bullish action or potential retracement. As the token continues to ride on market sentiment and narratives like AI, traders will be closely watching how NEAR navigates these upcoming challenges.

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The post Near Protocol Eyes Breakout: Can NEAR Bulls Sustain Momentum? appeared first on CaptainAltcoin.

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