NEAR Price Surges 10% in 24 Hours, Targets $5.50

The price of NEAR has surged by over 10% in the last 24 hours, with the asset currently trading at around $5.5. According to CoinMarketCap analytics, this represents a significant rally for NEAR, especially considering the small price drop experienced at the end of Q3. The market's performance so far suggests that Q4 is shaping up to be a bullish quarter.

NEAR's price has broken out of a previous trading range, with the asset spending a full day stuck between $4.76 and $5.17 before suddenly rising to $5.34. This breakout has occurred despite LINK and AVAX experiencing a drop in price by over 5%.

As long as $5.17 holds as the floor, $5.50 is likely to be the next target for NEAR's price. However, if $5.17 is lost, $5 will be the retest target. For NEAR to claim its next bullish pump target at a higher high, it is crucial for the asset to set its next higher low.

According to the expert, after a sharp recovery, NEAR's price is pulling back beneath the $5.5 - $6.2 resistance zone. Traders are advised to watch the $3.8 - $4.30 price range for support, as holding this line would strengthen the case for another breakout attempt.