Can NEAR Protocol Price Reach $10 by October?

[Cryptowarrior]

The price of NEAR Protocol (NEAR) has recently broken through the 200-day Exponential Moving Average (EMA), signaling a bullish trend. With a remarkable surge of 35% over the past week, NEAR has shown a strong breakout in the market.

Breakout from a Falling Wedge Pattern

NEAR’s price triggered a significant breakout from a falling wedge pattern, experiencing a daily increase of 16%. However, since March, buyers have struggled against strong selling pressure, causing a decline as they faced resistance from a descending trendline.

The bearish trend paused around the $3.50 mark, where buyers regained control. Since August, the NEAR price has defended the $3.50 support level twice and gained approximately 50% in less than three weeks.

Positive Momentum and Increased Trading Volume

The NEAR price has surpassed key moving averages, showcasing strong bullish momentum. Notably, the trading volume has also risen, supporting the breakout.

As of now, NEAR is trading at $5.55, remaining stable over the past 24 hours as per Coinpedia markets data. It has a market capitalization of $5.92 billion and ranks 11th in the cryptocurrency market based on 24-hour trading volume, which stands at $727.56 million.

Trading Dynamics and Market Sentiment

Despite multiple attempts by buyers to break through the trendline, sellers have shown strong resistance. The recent price chart displays a significant breakout, indicating positive potential for NEAR. If the price continues to hold above the 200-day EMA, we can expect increased buying pressure.

With continued trading volume support, NEAR could potentially reach the $10 mark by October.

Possible Challenges Ahead

On the other hand, if NEAR fails to exceed its recent high and forms a bearish candlestick pattern, it could discourage buyers. A drop below the 200-day EMA may lead sellers to enter the market in the lower high territory, potentially resulting in a loss of around 30%.

Technical Indicators Suggest Bullish Sentiment

Current technical indicators present a positive outlook for NEAR. The Relative Strength Index (RSI) shows bullish divergence, which may attract more buyers. Additionally, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover with the Signal line, entering positive territory. The histograms have remained green for several days, further indicating bullish momentum.

For a deeper analysis and detailed price predictions for NEAR Protocol, check out our full Near Protocol Price Prediction Article.