NEAR trades above the previous resistance for support at $2.4. Can the altcoin hold this area and surge higher? Expectations for NEAR to reclaim higher targets are very strong. The altcoin ma
The altcoin market continues to see rising excitement across the board as members of the crypto community notice more than just a handful of altcoin assets surge steadily to reclaim higher support prices. So far, several altcoins have broken past crucial resistance levels following BTC and ETH. Among them. NEAR trades above the previous resistance for support at $2.4, can the altcoin hold this area?
Ever since the price of BTC and ETH pulled off a sudden surge in prices in the month of August, the crypto space has been in a steady bullish excitement. In particular, August saw both BTC and ETH prices break past several critical resistance levels and turn to support in under a few hours. This one move turned the entire narrative from a brutal bear market phase to a strong bullish state.
So powerful was the surge that analysts who were calling for a deeper correction to mark a new bear market bottom in the $40,000 price range went on to confirm that the bear market had come to a close and that the early stage of the bull market had begun. From here, these experts are now watching BTC and ETH to break past the final two resistance levels to confirm that the bull market has truly begun.
Thus began a slow sideways movement over the past week where BTC and ETH seem to be preparing for the next leg up. This push will take the price of BTC to $88,000 and the price of ETH to $3,000 and above. This steady rise in BTC and ETH prices has led to a much stronger rise in the prices of several promising altcoins such as XRP, RENDER, SUI, XLM, NEAR, and more.
In particular, the price of NEAR is up by almost 5% in the last 24 hours alone as the asset trades at $2.41. What’s more, the asset is up by almost 3% in the last 7 days, and up by almost 50% in the last 30 days. Analysts have been waiting for NEAR to reclaim the $2 price range for weeks and are pleased to see the asset now trading just above $2.4, the previous resistance for support.
https://twitter.com/CryptoMichNL/status/2099116994419138763As we can see from the post above, this reputed crypto trader says that NEAR needs to hold here to reclaim the previous resistance for support. This area being the $2.4 price range. If that's going to be flipped for support, NEAR will be attacking the highs again. On the contrary: if Bitcoin sweeps lower at the beginning of the week, we might be looking at a case where NEAR can be bought at $2.05, still a very good sign for its bullish momentum.
