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Near Protocol Price Forecast: NEAR bulls to catalyze 13% move
Near Protocol (NEAR) price is bouncing off a relatively stable support level, which could evolve into a quick pullback rally. NEAR holders need to be patient if this plan does not work out as it could lead to an even better buying opportunity.
Near Protocol price at crossroads
Near Protocol price is attempting to kickstart a recovery rally as it bounces off the $3.33 support level. Investors can expect a quick 13% upswing to $3.90 from where it currently trades at $3.45.
The reasoning behind this bullish idea comes after Near Protocol price swept the December 22, 2023, low at $3.20 and produced a bullish swing failure pattern that closed above the $3.33 support level.
Going forward, if NEAR bulls manage to hold above this level, it could lead to a quick 13% gain. In some cases, the altcoin might touch the $4.0 psychological level, bringing the total gain to roughly 16%.
This bullish outlook is a quick in/out trade as it involves the risk of the breakdown of the $3.33 support level. In such a case, Near Protocol price could slide down into the 12-hour demand zone, extending from $2.75 to $3.05.
This is another key area where sidelined buyers are likely to get interested in bidding, which could kickstart another recovery rally to $4.0.
While the recovery rally outlook is a short-term play for intraday traders, NEAR price could slide lower on the daily timeframe. As mentioned above, investors can expect another 20% drawdown before the sidelined buyers are interested. But if the Near Protocol price produces a daily candlestick close below the $2.57 support level, it would create a lower low on a high timeframe and invalidate the bullish thesis.
In such a case, NEAR could slide 19% and encounter a support level at $2.06.