NEAR Protocol (NEAR), which has surged more than 20 percent in two days, is on the verge of a significant breakout.
In recent times when the crypto market has been moving upward, one of the leading altcoins was NEAR Protocol. NEAR Protocol managed to attract intense interest by increasing its social activity.
NEAR, which also benefited from positive market conditions, experienced significant growth in a short period of time. NEAR has achieved 22 percent price growth since November 18.
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The NEAR protocol, which has a public blockchain structure, has attracted a lot of attention from the crypto community recently. An upward trend in market conditions also pushes the NEAR price upward.
NEAR has seen significant growth in recent times. Last week there was a phase in the crypto market when selling dominated and recession concerns increased. However, the selling pressure has abated in the crypto market, which was quiet over the weekend. While the price of BTC remained in the stable zone during the day, the altcoin saw an increase in volume.
One of the cryptocurrencies that participated in the trend and experienced growth was NEAR. NEAR began its rise at 00:00 on November 20, rising from $1,935 to $2,179. Additionally, NEAR was trading at $1.70 on November 18.
NEAR maintained its stability above $2, forming a solid price structure. This situation paved the way for the price to move in an uptrend. Considering market conditions and the significant resistance break, bullish potential for NEAR is on the table. However, reversals in market conditions can cause the price to decline rapidly.
Looking at the NEAR charts, $2,178 appears to be an important resistance point. A breakdown of this resistance point could lead to a potential rise in NEAR. If the $2,178 resistance, which is a key breakout, is overcome, it could soon reveal a 5 percent upside. NEAR may test the next resistance at $2.4. This resistance point emerges as an area where selling pressure is intense. If $2.4 is crossed, the next target will be $2.55. This resistance point lies between NEAR’s potential upside and the ultimate target of $2.75.
On the other hand, NEAR may experience a sharp decline as market conditions turn negative and selling pressure increases. The fact is that the price is already overstretched, which could lead to a sharp decline. The most important support point for NEAR will be $2. If this area is lost, the price may drop to $1,926 in a short time. If one of the last supports at $1,926 is violated, the price may fall to $1,718.