The NEAR technical analysis displays a bullish reversal with a “Cup and Handle” pattern signaling an upcoming uptrend as RSI shows increasing buying pressure.

NEAR Protocol price action has been on bearish momentum since last week which accounted for a loss of over 12%. Currently trading at a price of $1.61, NEAR fell by 5.29% in the last 24 hours with a daily high of $1.71. The token’s 24-hour market valuation dropped by 5.10% to 1.34 billion and trading volume plunged by 40% to $92.37 million. However, the token has shown signs of reversal during early trading hours after a recent slash, with prices again moving above $1.60, after a pullback at $1.59.
<h3>Key Points</h3>
<ul>
 	<li style="font-weight: 400">NEAR price actions show a reversal rally after the recent plunge </li>
 	<li style="font-weight: 400">The “cup and handle” pattern on the daily chart shows a reversal possibility</li>
 	<li style="font-weight: 400">The intraday trading volume in NEAR is $92.37 million, reflecting a drop of 40%</li>
</ul>
<img src="https://s3.tradingview.com/snapshots/r/RlKXLRWD.png" alt="TradingView Chart" />Source: <a href="https://www.tradingview.com/x/RlKXLRWD/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>NEAR Technical Analysis</h2>
After the recent drop, the NEAR prices made a remarkable rebound by making a Cup and Handle Pattern pattern which indicates an upward trend in the market. The 200-day EMA moving along the resistance trendline also signals a potential bullish breakout. After breaking below the crucial mark of $1.60, NEAR prices pulled back to $1.59. The symmetrical triangle pattern formed by trendlines is also an indicator of a potential bullish breakout. As prices near a breakout possibility, sideline traders can expect an entry opportunity. Conversely, if NEAR fails to encash the momentum, it may fall below the $1.50 support level.
<h2>Technical Indicators</h2>
RSI slope project an increasing buying pressure in the market as RSI lines near the overbought boundary above 14-day SMA, making a bullish divergence. MACD also shows an outright uptrend while making a bullish crossover on a bullish histogram 

Therefore, as technical indicators show NEAR is back on another bull cycle supported by the dominance of buyers, with opportunities for traders.

NEAR Technical Analysis: “Cup and Handle” Pattern Projects a Bullish Breakout 

The NEAR technical analysis displays a bullish reversal with a “Cup and Handle” pattern signaling an upcoming uptrend as RSI shows increasing buying pressure.

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

NEAR Technical Analysis: “Cup and Handle” Pattern Projects a Bullish Breakout

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