NEAR Price Hits 440-Day High

NEAR Protocol, an open-source, high-throughput smart contract platform designed for decentralized applications, has seen its native token, NEAR, achieve remarkable price milestones. Over the past four days, NEAR has recorded a staggering 65% increase, pushing its price to $3.44, a level not seen in the past 440 days. This surge has been a part of its impressive 80% growth throughout the month of December.

Weekly analysis reveals that in November, NEAR's price broke through a descending resistance trendline that had been in place for 540 days. Initially, the growth was gradual, but this week, the token accelerated, forming a significant bullish candlestick. Since then, it has surged by 55% and breached a long-term horizontal resistance area.

The weekly Relative Strength Index (RSI) shows continued growth and remains above the neutral level of 50, indicative of a bullish trend. Furthermore, it has crossed above the 70 mark (highlighted in green), suggesting further strengthening of the upward momentum.

Despite the parabolic nature of the rally, the daily timeframe indicates that the bullish trend is still intact. The price action reveals that NEAR has broken northward from an ascending parallel channel that had been constraining its growth since October. During this process, the token has surpassed the $2.70 and $3.40 resistance zones.

AltCryptoGems has noted that the price has reached both of its targets, coinciding with the aforementioned resistance levels. Additionally, the RSI has experienced a bullish breakthrough of the bearish divergence trendline (highlighted in green), indicating the completion of the correction phase. Currently, the indicator is on the rise.

If NEAR manages to close above the $3.40 resistance, it may have the potential to grow by an additional 50% towards the next resistance level at $5.