NEAR Protocol (NEAR) started the week with impressive gains. The token has held steady, reinforcing the upward movement. In fact, NEAR was trading intraday nearly 16% higher at the time of writing. Analysts note the bullish momentum appears stable and could continue into early 2022. Should you buy NEAR? Key takeaways:
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A bullish trend that began earlier in the week produced strong intraday gains of almost 16%.
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NEAR has decisively cleared resistance at $11.83 and is now testing the $17.50 level.
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RSI readings look positive, and NEAR is trading well above the 25- and 50-day simple moving averages.
Data source: Tradingview.com
NEAR Protocol (NEAR) — Price action and outlook
It has been a very strong week for NEAR Protocol (NEAR). The token began rising on Monday and has maintained upward momentum since. At the time of writing, NEAR traded at $15.62, roughly 16% higher over the past 24 hours.
Many analysts were watching whether NEAR could break the $11.83 resistance level. It did so with relative ease, and intraday prices have since tested the $17.50 mark.
If this week’s bullish trend continues a bit longer, the token could clear that level. A meaningful breakout from there could propel NEAR to new highs. However, there are headwinds to consider, including potential market-wide volatility in cryptocurrencies in early 2022.
Should you buy NEAR Protocol (NEAR)?
Overall, NEAR Protocol has become one of the more popular blockchains among investors, and for good reason. Its fundamentals remain solid, and NEAR could be worth more over the long term. The recent bullish run also creates an opportunity for short-term traders to accumulate NEAR and ride the uptrend while it lasts.