๐ NEAR/USDT โ 1D Technical Analysis
$NEAR is showing a strong bullish reversal structure on the 1D chart.
After a long period of lower highs and lower prices, $NEAR has broken above its long-term descending resistance line with strong momentum. The chart also resembles a large rounding-bottom / Cup-type formation, suggesting a potential transition from accumulation into an expansion phase.
Key levels to watch:
Current price: ~$4.39
Resistance zone: $4.60โ$5.00
Breakout confirmation: Daily close above $5.00 + successful retest
Support: $3.20โ$3.50
Major support: $1.00โ$1.30
Upside levels: $5.50 โ $7.00 โ $8.50
The $4.60โ$5.00 area is the critical zone. A clean breakout and hold above it could open the way toward the higher levels, while rejection could lead to a pullback toward the $3.20โ$3.50 support area.
Binance Square caption:
๐ $NEAR 1D BREAKOUT SETUP
NEAR is showing a major bullish reversal structure on the 1D timeframe.
After months of consolidation, price has broken above a long-term descending resistance trendline and is now approaching the major $4.60โ$5.00 resistance zone.
๐ Key levels: Support: $3.20โ$3.50
Resistance: $4.60โ$5.00
Target 1: $5.50
Target 2: $7.00
Target 3: $8.50
The key confirmation will be a daily close above $5.00 followed by a successful retest.
If $5.00 becomes support, the next upside expansion could become significant. If price gets rejected, watch $3.20โ$3.50 for a potential retest.
Technical analysis only โ DYOR.
#NEAR๐๐๐ #NEARUSDT.P #NEARProtocol #CryptoWatchMay2024 #CryptoTrading
$NEAR is showing a strong bullish reversal structure on the 1D chart.
After a long period of lower highs and lower prices, $NEAR has broken above its long-term descending resistance line with strong momentum. The chart also resembles a large rounding-bottom / Cup-type formation, suggesting a potential transition from accumulation into an expansion phase.
Key levels to watch:
Current price: ~$4.39
Resistance zone: $4.60โ$5.00
Breakout confirmation: Daily close above $5.00 + successful retest
Support: $3.20โ$3.50
Major support: $1.00โ$1.30
Upside levels: $5.50 โ $7.00 โ $8.50
The $4.60โ$5.00 area is the critical zone. A clean breakout and hold above it could open the way toward the higher levels, while rejection could lead to a pullback toward the $3.20โ$3.50 support area.
Binance Square caption:
๐ $NEAR 1D BREAKOUT SETUP
NEAR is showing a major bullish reversal structure on the 1D timeframe.
After months of consolidation, price has broken above a long-term descending resistance trendline and is now approaching the major $4.60โ$5.00 resistance zone.
๐ Key levels: Support: $3.20โ$3.50
Resistance: $4.60โ$5.00
Target 1: $5.50
Target 2: $7.00
Target 3: $8.50
The key confirmation will be a daily close above $5.00 followed by a successful retest.
If $5.00 becomes support, the next upside expansion could become significant. If price gets rejected, watch $3.20โ$3.50 for a potential retest.
Technical analysis only โ DYOR.
#NEAR๐๐๐ #NEARUSDT.P #NEARProtocol #CryptoWatchMay2024 #CryptoTrading