NEAR, which has risen 60 percent since October 19, is on the verge of a potential breakout with the retreat it has experienced.
The cryptocurrency market has continued its rise in recent days. Bitcoin (BTC) exceeded 35 thousand dollars and mobilized altcoins. The leading cryptocurrency’s persistence above $35,000 triggered rallies in altcoins. Increases were observed in coins such as Solana, Aave and Cake.
NEAR, which has increased by 60 percent in the last two weeks due to market conditions, is approaching a potential breakout. NEAR approached the support point with the 7 percent withdrawal it experienced during the day. So can NEAR continue its rise?
NEAR Protocol (NEAR) chart analysis
NEAR, one of the altcoins that rose under the leadership of Bitcoin (BTC), showed a remarkable performance in October. NEAR climbed from $0.971 to $1.576, with its rise starting in mid-October. However, NEAR started to retreat with the beginning of November. NEAR fell as low as $1,460.
It is a matter of curiosity whether the NEAR decline is a correction or not. The popular crypto project may continue its rise if market conditions remain positive. Because NEAR received a reaction from potential support points in the $1,440 region.
NEAR may gain strength from the $1,440 support to continue the uptrend. With the strength coming from the region that was tested during the day and could not be broken, NEAR may try the resistance of $ 1,544. If this resistance point is broken, NEAR price can rise to $1,609. $1,609 may be difficult to break as it is a resistance point from July. However, if it breaks, NEAR could test $1,718.
If NEAR continues its decline and the $1,440 support is lost, the price could decline to $1,327. If the $1,327 support is lost, the price of NEAR may drop to $1,254. The $1,254 support is a point where the bulls will start to defend. However, if this region is lost, the price may drop to the major support point at $1,165.