NEAR Protocol price is attracting renewed attention as a potential bullish reversal pattern takes shape on its daily chart.
NEAR Protocol price is trading around $1.88, with a 24-hour trading volume of approximately $1.02 billion and a market capitalization near $2.46 billion. NEAR has slipped 0.63% over the past 24 hours, while its market dominance stands at about 0.09%.
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NEAR Protocol Faces Critical $3.40 Resistance
A crypto analyst Crypto With Gopal noticed a possible inverted head-and-shoulders reversal pattern in NEAR protocol. In this pattern, there is a left shoulder, a deep trough acting as the head and another trough as a right shoulder with the neckline being close to the $3.40 level. The neckline acts as the main resistance area.
According to the pattern, a move past $3.40 is expected to result in the completion of the inverted head-and-shoulders pattern which would indicate a broader recovery trend. In the event of a successful breakout, the analyst expects NEAR to head up towards $5.50 level. Such a move would indicate an impressive move for the NEAR coin as compared to its current price.
The mentioned pattern is expected to follow a previous move where NEAR had recovered from below the $1.54 level to above $1.68 level. The price action around $1.68 showed that there was a bearish breakout move with selling pressure, volume and momentum candle.
Apart from the identified chart pattern, the 0.618 Fibonacci retracement is also highlighted as an interesting area to enter a trade. The proposed pattern has a risk-to-reward ratio of 2.5 to 1; however, note that the analysis is not a guarantee that the move will happen.
Breakout or Rejection Could Set Next Trend
The $3.40 neckline is the key level at the moment in this setup. The neckline being the key level implies that a breakout with volume will be able to confirm that buyers have control of the market. On the other hand, inability of price to move above the neckline would mean a failure of the formation and NEAR may move lower again.
For NEAR holders and interested buyers, the key thing is that NEAR is at a very crucial technical point. The $1.53 area represents an important reference from the recent recovery, while $3.40 is the major confirmation level and $5.50 is the projected target if the pattern succeeds. Until a clear breakout or breakdown occurs, NEAR could remain range-bound.
Beyond the chart formation, broader cryptocurrency market conditions will also influence NEAR’s next move. Bitcoin’s direction, overall liquidity and risk appetite across altcoins could determine whether NEAR has enough momentum to challenge higher resistance levels. Investors should therefore treat the pattern as a potential setup rather than a confirmed reversal.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
