๐๐๐ #NEARProtocol price consolidation hints #NEAR๐ could retest $6.50 soon
Near Protocol (NEAR) is currently consolidating within a bullish flag pattern, indicating a potential 123% rally to $6.50. Investors might find an opportunity to accumulate NEAR in the $3.33 to $3.50 range before a breakout occurs. However, a cautionary note is emphasized, as a four-hour candlestick close below $2.75 could establish a lower low, invalidating the bullish thesis.
Despite market volatility and short-term Bitcoin fluctuations, NEAR has demonstrated resilience, setting up a bullish continuation pattern after a significant 123% rally from December 18 to 26, 2023, followed by a 38% decline. The resulting pattern resembles a bull flag, consisting of a flagpole and a flag.
For a confirmed breakout, NEAR needs a decisive four-hour candlestick close above the flag's upper level, approximately at $3.75, with additional confirmation on a flip of the $3.90 hurdle. In such a scenario, the bull flag pattern suggests a potential 123% upswing, calculated from the flagpole's height, bringing the target to $6.50.
While the #bullish outlook is promising, investors are advised to exercise patience, considering potential resistance around the $5.87 weekly resistance level. Monitoring the $2.75 level is crucial, as a close below this point could signal a lower low, prompting profit-taking and potentially driving NEAR towards the $2.57 to $2.70 support range. A breakdown below these levels might trigger a 19% decline to the next significant support at $2.07.
Source - fxstreet.com