NEAR Breaks $2 For the First Time in 7 Months: Is a New Yearly High Next?

The Near Protocol (NEAR) price has increased swiftly since breaking out from a descending parallel channel in October.

The increase took the price above the $1.60 resistance area to a high of $2.12 today. Will the price reach a new yearly high?

NEAR Accelerates Increase After Breakout

The NEAR price has decreased inside a descending parallel channel since the start of the year. During the decrease, both the resistance and support trend lines have been validated numerous times.

After a rejection from the trend line on October 2 (red icon), NEAR culminated with a low of $0.98 on October 18.

However, the price began a rapid upward movement afterward. So far, it has increased by 120% in 32 days, culminating with a high of $2.15 today. This is the highest price since April.

During the ascent, NEAR broke out from the $1.60 horizontal resistance area and accelerated its increase even further.

NEAR/USDT Daily Chart. Source: TradingView

Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.

The weekly RSI is above 50 and increasing both positive signs. Also, the indicator broke out from its bearish divergence trend line (green).

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