Technical chart showing the overall trend for Proximity protocol (NEAR) the price is rising sharply. NEAR price recently broke through its previous All-Time High resistance near the $17 mark. The coin shows good sustainability above the new support ($17), welcoming new levels within its reach.
Main technical points:
- The price is NEARLY receiving strong support from the 20 EMA.
- Trend-based Fibonacci extension shows $22 and $24.5 as critical resistance
- The NEAR coin’s intraday trading volume is $1.71 Billion, showing a 20% increase.
The source- Tradingview
In our previous coverage of Proximity protocol technical analysis, the coin price is retesting the $13 support. Although the price is starting to move higher, supply pressure is strong at $17 demand for another minor pullback.
After the second rally from the $13 level, the technical chart shows a double bottom in the daily timeframe chart. On January 11, NEAR price made a decisive breakout from the $17 neckline, which was also the previous all-time high resistance.
The coin trades NEARLY above the important MA lines (20, 50, 100 and 200), indicating a strong bullish bias. These moving averages can provide good support during occasional pullbacks.
Furthermore, the Daily-Stochastic RSI supports a steady growth in price action with its lines approaching the 100 mark.
Fibonacci Extensions Hints Possible Resistance to Price Rally NEAR
The source-Tradingview
The 4-hour timeframe chart shows a fresh higher and lower bounce above the $17 mark. While prices are new to these chart levels, they are closely following the trend-based Fibonacci extension.
Following these levels, the next supply zone for the NEAR coin price is $20, followed by $22 and $24.5. The bullish slope in the average directional movement indicator (34) indicates that bullish momentum is increasing.