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The post <a href="https://coinpedia.org/price-analysis/growing-demand-fuels-near-price-recovery-eyes-12/" rel="noopener noreferrer nofollow">Growing Demand Fuels NEAR Price Recovery, Eyes $12</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
As Bitcoin finds an oomph of bullish momentum, leading to a 7.87% jump in the last five days, the altcoins are preparing for a turnaround. Amidst such altcoins, the NEAR protocol’s native token takes a price jump, teasing a prolonged uptrend.&nbsp;
With a significant bullish reversal, Near protocol is ready to challenge the overhead supply zones. Will the price jump in this altcoin lead to a bull run beyond $10? Find out more in our <a href="https://coinpedia.org/price-prediction/near-protocol-near-price-prediction/" rel="noopener noreferrer nofollow">NEAR price prediction</a>.&nbsp;
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<a href="https://www.tradingview.com/x/bqNwqMuW/" rel="noopener noreferrer nofollow">Tradingview</a>
In the 4H chart, the NEAR price trend showcases a falling trend, leading to a bearish channel pattern. The correction phase led to a death cross between the 50 and 200 EMA. Further, the price dropped under $5 with a 45% decline in market cap within 30 days.&nbsp;
However, the recent bullish reversal from the support trendline reflects a trend reversal opportunity in the altcoin. The upcycle accounts for a 40% rise in 9 days and approaches the $7 mark.&nbsp;
Currently, the NEAR price trades at $6.881 with an intraday move of 6.98% and a third consecutive bullish candle in the 1D chart. This reversal teases a bullish breakout of the descending resistance trendline.&nbsp;
The altcoin shows a 20% hike in trading volume, bolstering the ongoing recovery rally. This supports the possibility of a bullish breakout.&nbsp;
Technical indicators:
EMA: The 50 EMA finds an uptick in the 4H chart as the bullish momentum increases. This increases the possibility of a golden crossover and bolsters the trend reversal opportunity.
<h2 class="wp-block-heading" id="h-will-near-price-recovery-reach-9">Will NEAR Price Recovery Reach $9?</h2>
With the buyers gaining momentum coupled with the broader market recovery, the altcoins are ready for a trend reversal. Further, with the high likelihood of a bullish breakout of the falling channel, the NEAR price could hit the $10 psychological mark.&nbsp;
However, the trend-based Fibonacci level brings an even more optimistic target of $12.

Growing Demand Fuels NEAR Price Recovery, Eyes $12

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