Can the NEAR Price Break Out? | Credit: Hameem Sarwar
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Key Takeaways
Near Protocol (NEAR) announced plans to build an AI model.
The NEAR price has increased by 25% so far in November.
Will NEAR break out from its long-term parallel channel?
The NEAR price has increased since Nov. 4, reaching a high of $5.75 before declining. While the price failed to break out from its long-term channel, it has regained its footing and could make another breakout attempt soon.
Will the next one be successful, and how long will NEAR continue to increase if this is the case? Let’s find out.
The project started on Nov. 10 with a 500 million parameter and will progress in seven stages, growing larger each time. The funding will be financed by $160 million in token sales.
Additionally, NEAR is testing an AI agent that can launch memecoins and do tasks such as book flights or order food.
The weekly time frame NEAR price analysis shows a decline inside a descending parallel channel since March. So far, the channel has existed for 245 days. During this time, NEAR has made numerous failed breakout attempts, the most recent this week (black icon).
The ongoing upward movement started in March after the price bounced at the channel’s support trend line (white) and $4 horizontal support area.
After creating several higher lows, the price confirmed its bounce with a bullish engulfing candlestick last week.
Technical indicators support the increase. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) both generated a bullish divergence (green) before the upward movement and are increasing. However, they have not crossed their bullish thresholds yet.
So, the weekly time frame leans bullish, though a price breakout above the channel and RSI/MACD movement above 50 and 0, respectively, is needed to confirm it.
NEAR Price Breakout Ahead
The weekly time frame wave count aligns with the positive price action and indicator readings. There are two possible outcomes for the long-term NEAR price trend.
NEAR has either started an A-B-C structure (black) or a new five-wave increase (white) in October 2023. Both counts lead to more upside.
On the other hand, if NEAR has started a five-wave increase, it could go much higher. The first target is at $16.32, giving wave three 1.61 times the length of wave one.
In any case, the NEAR trend is likely bullish. A breakout from the channel will confirm that the upward movement has started.
120% Rally Ahead
The NEAR price has not yet broken out from its long-term channel, though it gives signs that it will do so soon. Positive NEAR news regarding its AI model could further boost its performance.
If NEAR breaks out, the wave count gives an initial target of $11.30, which would be an increase of 120% from the current price.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
