NewsletterNEAR 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
- El Salvador Makes Its Largest Bitcoin Purchase Ever Despite Rising Market Sell-Off
- Mt Gox Moving $950M in Bitcoin Sparks Panic of Crash to $56K Realized Price
- XRP Supply in Profit Hits Lowest Level Since Nov 2024 Despite Price Gains: Glassnode
- Crypto Market Crash Deepens as $1 Billion in Bitcoin, ETH, XRP, Altcoins Liquidated
- Bitcoin Price Crash to $89K, Last Chance to Buy Under $90K, Says Gemini Co-Founder
- Will MOODENG Reach $0.1 and MEW Hit $0.002 After Robinhood Listing?
- What’s Next for Cardano Price After Breaking Below Key Support Level?
- Pi Coin Price Could Jump 30%, But There’s a Catch
- Expert Sees XRP Price Rally if it Holds Key Support Ahead of Ripple ETF Launch
- Chainlink Price Eyes Breakout as Whales Scoop 150K $LINK
- Top Analysts Predict How Low Bitcoin Price Might Fall?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
