- Near Protocol is showing a classic uptrend pattern with rising highs and lows, drawing strong attention from traders.
- A recent market correction pushed it below a key support level, triggering short-term bearish sentiment.
- The asset is currently testing a curved resistance level, which could determine its next major move.
- A successful breakout may signal the start of a broader rally, while failure could lead to a deeper retracement.
NEAR is setting itself up to lead the next bullish rally, after several weeks of macro-induced market volatility. The asset is presently in a characteristic pattern of an uptrend, defined by increasing highs and increasing lows. The pattern has caught traders and buyers’ attention, and they are on high alert in the zone to look for a sign of a reversal. A breakout would be a signal of a large-scale reversal of the trend and would trigger fresh momentum in the market in general.
At the time of writing, NEAR is trading at a price of $2.57 with a trading volume of $137.13M in 24 hours and a market capitalization of $3.11B. The NEAR price for all time periods is exhibiting stability and serves to form a sturdy foundation for the next major bull run.
Source: CoinMarketCap
NEAR Price Outlook: Rally Toward $5 or Risk of Drop?
A prominent crypto analyst, Andrew Griffiths, highlighted that NEAR recently exhibited a very bullish pattern in terms of consistently creating higher highs and higher lows, generating interest among investors. The positive momentum indicated a possible extension of its rally even when overall market conditions were in a state of uncertainty. Its performance in this time made it one of the more attractive of the altcoins to be viewed by retail and institutional traders.
But sentiment shifted sharply with a bigger market decline forcing NEAR to break through a key support point, typically named by the orange trend line in charting. The breakdown also negated last week’s bullish pattern and brought about a fear response and accelerated selling pressure. This induced loss in confidence among investors saw NEAR’s price recede, a reflection of the reemergence of bearish sentiment that hangs over the asset.
Source: X
Today, NEAR is undergoing a test at a curved resistance line that has consistently acted to quell previous recoveries. A breakout above this moving resistance would reactivate bullish momentum and position NEAR for a possible rally to the $5 area. Alternatively, a failure to retake this area might drive it lower into the critical area of $1.34 support. Coin is at a critical point, and its next move will likely dictate its short-term course and overall market position.
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