NEAR analysis – 27% growth in a single day amid a market correction

NEAR rebounded quite decently since the last low and achieved profit of about 27% in just one day. Nevertheless, this reflection is still in the sideway structure that has been going on since Christmas. However, the volumes in this structure speak clearly in favor of the bulls and the market price is trading just below ATH, unlike the rest of the market.

Current sideway structure is essentially bounded $ 13.00 support a resistance $ 16.50 to $ 17.50. This zone is just below the ATH, which means that if the price exceeds its resistance, it will go to the price discovery zone. Such a sideway structure after strong growth is mostly for the price bullish and the price should continue the trend.

Source: TradingView

NEAR is bullish despite a market correction

The market price is trading at $ 16.20, which is close to the resistant band of the sideway structure, so it is possible that in the short term the price has reached local maximum and will go to the correction leg. Nobody knows when the sideway structure will end, but we know that the structure is still there bullish and we know its boundaries.

RSI currently indicates a neutral zone, which could mean that there is still room for continued growth, even though the price is facing resistance. The nearest support is located in the zone from $ 14.70 to $ 15.50. So far, we are continuing the sideway, but in the long run we are more bullish.