Popular cryptocurrency analyst More Crypto Online has been providing valuable insights into NEAR’s price trend. The analyst highlighted that NEAR has created a solid third wave, and there is one more high to be made to complete the first five-wave pattern.
The chart presented by the analyst depicts the analysis of the recent price performance of NEAR on the Binance exchange. At the time of writing this, NEAR is trading at around $6.10, reflecting a 0.79% increase. The data also show a clear third wave with potential of a fourth wave decline as shown in the chart below. The fifth wave is expected to continue towards reaching the target level that may complete the 5-wave pattern which could be important for future trading.
NEAR’s C-Wave Indicates Correction?
Another important aspect is the possibility of the formation of the C-wave within wave (b) in orange, which indicates a running flat correction. This situation suggests that the present increase might be a part of a larger corrective sequence instead of being the initial stage of the new uptrend.
Based on the analysis of the sentiment marker of the NEAR market, it can be concluded that the current sentiment is rather neutral, but oriented towards the positive. More Crypto Online’s analysis provides traders with possible dual outcomes that they are aware of. If this 5-wave structure completes, then Near might be gearing up to start a new bullish run.
On the contrary, if the movement is a part of the C-wave correction, then the price may decline before it starts moving upwards again. It is therefore suggested that investors pay attention to these levels and look at the general market trends.
The recent analysis gives the possible outlook of the price of NEAR. Since it may finish a 5-wave structure or a C-wave in a running flat correction, the next several trading sessions will be quite important for coin short-term outlook. Retail and institutional investors need to be on the lookout and be prepared to make adjustments based on what the market is doing.
