As retail interest spikes, investors can expect NEAR to rally at least 28% only if…
NEAR price set up a triple tap setup, signaling a bottom reversal in the near future. The third tap has already led to a quick upswing, but the bulls have a long way to go. Interested investors can capitalize on this run-up.
NEAR price set up a swing low at $9.52 on 24 January, leading to a 47% ascent in the next two weeks. This run-up retraced completely and deviated below the aforementioned swing low. But quickly recovered and embarked on another run-up that led to 61% gains. The third and the latest retest of the $9.52 support level gave rise to a triple tap setup and has led to a 25% ascent but is currently hovering around $11.01
This bottom reversal pattern often contains a central dip lower than the other two dips, which are usually hovering around the same trend line. The setup also forecasts a reversal in a downtrend and kick-starting a rally.
Investors can expect NEAR to rally at least 28% from its current position and tag the $14.22 hurdle. However, if the buyers manage to flip the $14.22 barrier into a support level, it would open the path for the bulls to propel the altcoin to $16.10.
Assuming NEAR retests the $16.10 hurdle, it would constitute a 46% ascent from the current position.
Source: TradingView, NEAR/USDT 4-hour chart
Supporting the bullish outlook for NEAR is the recent spike in on-chain volume from 424 million to 837 million between 8-11 March. This sudden uptick pushed the volume well above the 200-day moving average at 623, serving as a confirmation of the inflow of funds into the NEAR blockchain.
NEAR on-chain volume chart
Additionally, the social volume metric provides a tailwind to the bullish thesis by showing a recent spike from 85 to 573. This index increased nearly sevenfold in a span of five
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