NEAR Looks Ready To Test All-Time Highs
Growing Interest In NFT Provides Support To NEAR At The Start Of 2022
NEAR, the token of the NEAR Protocol (a decentralized application platform), gained strong upside momentum in recent days and moved closer to all-time high levels near the $18 level.
These levels were reached after NEAR Protocol got a listing on MoonPay back in December 2021. Exchange listings often serve as major catalysts for cryptocurrencies as they widen the pool of potential investors.
Back at the end of 2021, a synthetic issuance and trading protocol Crafting Finance, announced that it was integrating with NEAR Protocol, which may have served as an additional bullish catalyst for NEAR.
In addition, the rapid increase in traders’ interest in the NFT space has certainly provided significant support to NEAR. At this point, traders look ready to get into all promising projects in this market segment.
Key Resistance At $17.80 In Sight
NEAR managed to get above the resistance at $16.40 and gained strong upside momentum. However, it failed to get to the test of the all-time high levels at $17.80 and pulled back towards the $17 level. RSI remains in the moderate territory, so there is enough room to gain additional momentum in case the right catalysts emerge.
If NEAR manages to settle above the recent highs at $17.60, it will head towards the next resistance at $17.80. A move above the resistance at $17.80 will likely push NEAR above the $18 level.
On the support side, the previous resistance at $16.40 will serve as the first support level for NEAR. In case NEAR declines below this level, it will head towards the next support at $15.70. A successful test of this level will open the way to the test of the support at $14.25.
Taking a look at the H1 chart, we can see that RSI has moved back into the moderate territory after the recent pullback, so NEAR has a good chance to gain more support from buyers in the upcoming hours.