NEAR Rallies Again, More Upside Possible
NEAR Gains Upside Momentum
NEAR has recently rallied after the token was listed on MoonPay platform. However, the coin has quickly lost momentum and moved back to the previous levels, and it looks that the move was caused by algos’ reaction to the news rather than by purchases of retail traders who tend to hold their coins for more than a few minutes.
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While the initial reaction to MoonPay news was disappointing as NEAR returned to sub-$10 levels after the strong pullback, it looks that the market is ready to reconsider its view on NEAR as the coin managed to get out of the recent consolidation and is gaining upside momentum.
NEAR Looks Ready To Move Higher
NEAR has recently managed to get above the 50 EMA at $9.25 and also managed to get above the next resistance level at $10.30. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
If NEAR settles above the resistance at $10.30, it will head towards the next resistance level which is located at $11.75. A move above this level will push NEAR towards the resistance at $12.65. In case NEAR gets above this level, it will head towards the next resistance at $13.20.
On the support side, a move below $10.30 will push NEAR back towards the 50 EMA at $9.25. This will be a disappointing move for the bulls as it will show that NEAR failed to gain additional momentum and its rally faded. A successful test of the support at the 50 EMA will push NEAR towards the next support at the lows of the recent consolidation at $8.20. If NEAR declines below this level, it will move towards the support at $7.60.
Taking a look at H1 chart, RSI is in the overbought territory so there is a risk of a near-term pullback. However, RSI has already moved away from recent highs, and NEAR should have a good chance to continue the current upside move in case it is able to consolidate near current levels.
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