Near Protocol (NEAR) Increases Sharply As Annual Convention Gets Underway
Near Protocol (NEAR) initiated a significant upward movement on Sept 7, which is still ongoing. It is possible that the move has occurred as a result of the anticipation for NEARCON and a newly announced $100 million venture capital fund.
NEARCON beta, the second annual convention of Near Protocol, is being held in Lisbon from Sept 11 to 14. This is considered the flagship event of Near Protocol.
Last year, NEARCON was held on Oct 26 and 27, a period in which the price increased considerably. In more positive new, on Monday, the NEAR foundation announced that it had created a $100 million venture capital fund in collaboration with Caerus ventures.
Potential bounce
The weekly chart shows that NEAR has been falling since creating a lower high (red icons) in April 2022. The downward movement has so far led to a low of $2.87 in June. More importantly, this caused a breakdown from the $7 horizontal resistance area.
This is a crucial area, since it had previously acted as both resistance (red arrows) and support (green arrows) since 2021. So, its reclaim is crucial in order for the trend to be considered bullish.
Moreover, the weekly RSI is increasing but is still below 50. A RSI movement above 50 would likely also cause a reclaim of the $7 area, confirming that a bullish reversal has begun.
Future NEAR movement
The daily chart shows that NEAR has broken out from a descending resistance line which was previously in place since Aug 13. Afterward, it initiated an upward movement that accelerated on Sept 7.
Currently, the price is trading right at the 0.618 Fib retracement resistance level at $5.20. This is a crucial level since it is the final Fib resistance prior to the Aug highs. So, if the price is successful in moving above it, it would be expected to test the $6 highs once more.
The daily RSI supports this possibility since it has just broken out above 50 (green icon).
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