NewsletterNEAR Price Poised To Hit $3 Under This Bearish Pattern’s Influence
The NEAR price chart shows a head and shoulder pattern in action, leading the current correction rally to an even lower level. The neckline for this pattern is the $3.75 mark which has been supporting the coin buyers since last month. Thus, can the buyer defend this level again, or we’ll revisit the $3 mark?
Key points from NEAR price analysis:
- The NEAR price plunged below the 0.618 Fibonacci retracement level
- A bearish reversal from $4.44 assists sellers in completing the head and shoulder pattern.
- The intraday trading volume in the NEAR is $415.5 Million, indicating a 170% gain.
Source- Tradingview
The recent correction tumbled the prices by 53.8% and plunged them to a $3.7 mark. However, this V-shaped reversal revealed the formation of the Head & Shoulder pattern in the daily time frame chart.
This bearish pattern triggers an intense selling momentum once the prices break down from the neckline support. Anyhow, the NEAR price is going through the pattern’s right shoulder formation, which should lead the price to hit the $3.75 support.
Earlier today, the coin price jumped 7% and attempted a bullish breakout from minor resistance of $4.4. However, the crypto market faced a sudden sell-off; thus, the coin is 4% down at the intraday level.
A long-rejection candle of $4.4 bolsters the completion of the above-mentioned bearish pattern. With sustained selling, the NEAR price will plunge 7% down to break the $3.75 neckline.
Doing so will trigger this price pattern, and the resulting downfall will sink the prices 20% down to hit the June-July bottom support of $3.
On a contrary note, if the NEAR price rebounds from the $3.75 mark, it would indicate the traders are actively buying at this level and could reattempt the pierce the $4.75 resistance.
Technical indicator
Relative strength index: the daily-RSI slope reverted from the midline and nosedive below the 20-SMA line, reflecting the bearish market sentiment.
Vortex indicator: a bearish crossover among the VI+ and VI- slope offers a sell signal to accentuate price reversal from the $3.75 resistance.
EMAs: the coin price faces dynamic resistance from the 20-and-50-day EMAs, indicating an aggressive downfall.
NEAR Price Intraday Levels
- Spot rate: $4.078
- Trend: Bearish
- Volatility: Low
- Resistance levels- $4.4 and $4.75
- Support levels- $3.75 and $3
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