Near protocol to continue Bullish run

14 Jan 2022

Hello Merchants!!!
It’s the NEAR year and we’re bringing you another analysis of the Near protocol asset.

The chart above is the NEARUSDT 1Day chart.
We hope to highlight areas of value using the WXY double top Elliot wave correction tool and the RSI Indicator alongside price action analysis.

The double top at X and Y brought about price correction to the support at $13 and resumed a strong bullish bias again.

Since the double top reversal pattern didn’t bring price below $13, we are having a new support around $17.1
The channel lines and trend lines are showing that the bullish impulse of the market is still in place.

This can be confirmed with the RSI indicator which is not in the overbought region yet. Currently, RSI is 64% which is less than the 70-80% range.

For safe entry, $17.1 is a good entry but you might not be lucky to see price there soon.

NFA
Good luck trading!