NEAR Protocol (NEAR)’s prolonged slumping trend could disappear soon. According to crypto analyst Ali Martinez, NEAR seems to have established a bullish pattern that can sustain its potential uptrends soon.
NEAR showing major breakout
As per data shared by Martinez today, NEAR is setting a foundation for a possible breakthrough to higher levels. As pointed out by the analyst, the crypto AI token has broken out of a parallel channel.
Historically, this channel is known to trigger significant price surges for assets, leading to higher highs. Should this trend continue, NEAR could be preparing the ground for a significant rise, attracting the interest of whales and traders.
With this pattern indicating a price uptrend to retrace previous highs, Martinez has pointed out the next position target for NEAR. He projected that if the token can reclaim the $3.60 support level, this could set a foundation for the asset to rise to $4.5 or even $5.
NEAR price updates
After an impressive rally in November, NEAR Protocol has been witnessing a period of profit-taking and selling pressure. For the last two months, the asset’s price decreased by 54%. This bearish movement caused significant FUD within the digital asset community. Despite a surge of uncertainty among traders, crypto analyst Ali Martinez believes that this consolidation could be a promising indicator for NEAR’s future price trajectories.
Over the past seven days, the asset witnessed a price surge of 5.5%. This increase was mainly fueled by positive sentiment following Zcash’s integration into Near Protocol’s Intents stack. NEAR protocol is one of the prominent crypto AI projects. Its integration with Zcash gave a new life to Zcash’s blockchain. It established an advanced form of transaction, enabling Zcash to offer multi-chain swaps while benefiting from NEAR’s AI-driven payment rails.
However, NEAR’s ongoing correction coincides with the widespread sluggishness in the wider cryptocurrency market caused by recent macroeconomic fears. Bitcoin has been consolidating its value around $97k for several days now. Ethereum also has been holding its price around $2,600 and $2,700 zones.
Crypto analyst Ali Martinez suggests this correction could be an opportunity for traders to accumulate NEAR. After several weeks of consolidation, the AI token is preparing to enter a new recovery phase. Since climbing to a high of $8.24 on Dec.6, the asset entered into a falling wedge pattern, which saw its price decline to the current support level of $2.68.
The token is currently seeing some remarkable recovery. It has returned to the $3.50 price level, indicating that buyers are gaining strength. It is currently trading at $3.43. Technical indicators show that the asset is breaking above the wedge resistance, targeting the $4.24 range.
