- Near price will bounce higher after a small fade at the start of the week.
- NEAR sees price action being underpinned by strong bullish interest.
- Altcoins are primed for a global upswing as a shift in risk sentiment creates a tailwind.
Near (NEAR) price is primed for a broad upswing as bulls show their hand in the price action. After last week's upswing of 15%, a small fade was underway on Monday as some bulls did not keep their nerves together and started cashing in. With the price action, however, being underpinned, bullish interest is still more than present, and a 25% upswing is viable this week.
Near price has bullishness written all over it
Near price is on a tear as it has trashed one bearish signal after another since March. First, the red descending trend line was trashed by the bulls with a massive bearish squeeze of 15%, which cut deep wounds in the bears who tried to defend that trend line as a cap. Instead, bulls were able to claim ground above the always important 200-day Simple Moving Average (SMA),
NEAR sees the bulls relentlessly holding the ground above the 200-day SMA even on Monday when some profit-taking got underway. It shows how committed bulls are to this rally and continuing their path higher. Late-comers can still enjoy the ride higher as the profit target is set at $2.88, which is 25% higher.
NEAR/USD weekly chart
The main threat to this rally would be a breakdown of the 200-day SMA, which is thus easy for traders to monitor. Should that floor break down, it would mean that bulls have lost interest and bears have a free ride to snap the winning streak. A quick drop back to the red descending trend line near $1.50 looks to be the best possible scenario in that case to find support the quickest way.
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