MEXCNEAR Price Analysis: Reversal Pattern Sets Its Eyes For 12% Jump
Today, the Near protocol (NEAR) price shows a 16% jump providing a decisive breakout from the $4.77 neckline resistance of the cup and handle pattern. moreover, completing this bullish reversal pattern amid the improving market sentiment, will ignite premature recovery for coin holders.
Key points:
- The post-retest rally from the $4.77 breakout would surge the NEAR price by 20%
- The midline of the Bollinger band indicator offers dynamics support to coin price
- The intraday trading volume in the NEAR is $691.5 Million, indicating a 49% gain.
Source- Tradingview
Over the past two months, the NEAR price, wavering below the $4.77 resistance, revealed the formation of the cup and handle pattern. Amid the July third week’s sell-off, altcoin tumbled 20% and triggered the pattern’s handle portion.
The minor pullback found suitable support at the $3.8 mark and resumed the recovery rally for further gains. Thus, the NEAR price has gained 38% within a fortnight, and offers a massive breakout from the pattern’s neckline resistance of $4.77.
Furthermore, the 49% hike in volume indicates a positive response from traders for this breakout. Therefore, a daily candlestick closing above this resistance would allow buyers to retest the $4.77 level as potential support.
If the NEAR price shows sustainability above the flipped support, the traders can enter a long position with the expected target at the $5.735 mark.
However, in case the altcoin failed to sustain during the restest phase and dived below $4.77 support, the resulting fakeout may trap the aggressive buyers under a potential downfall. In addition, the forced liquidation from buyers may bring additional selling pressure to the market.
Technical indicator
Bollinger band indicator: a sudden price jump has poked the indicator’s upper band indicating strong buying from traders. Moreover, this resistance retest usually triggers a minor correction, providing retest opportunity to enter a long position.
RSI indicator: the daily-RSI slope shows a phenomenal rally amid the formation of the cup and handle pattern, indicating the growth in bullish momentum. Moreover, the RSI slope nearing the overbought region shows sustained buying.
- Resistance levels- $5.7 and $6.3
- Support levels- $4.7 and $3.8
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