💥💥💥 Will $NEAR Protocol Look For Bullish Reversal Or Continue Plunging?
NEAR Protocol (NEAR) Price Analysis
Current Situation
- NEAR Protocol has initiated a recovery phase after dropping below the 200-day EMA and facing strong selling pressure, particularly since early June. The cryptocurrency is striving to stabilize around the $5 level, a critical psychological and technical support zone.
Bullish Chart Pattern
- On the daily NEAR/USD chart, there is a notable formation of a bullish flag pattern, indicating potential for upward movement if key resistance levels are breached.
Price Potential
- NEAR could see a significant upside of over 35% if it manages to surpass the recent hurdle at $5.75.
- The formation suggests a rebound scenario towards $8, contingent on broader market conditions improving.
Market Dynamics
- Despite recent declines, NEAR remains the 17th largest cryptocurrency with a market capitalization of $5.68 billion. Daily trading volume surged by over 160% to $493.8 million, reflecting active market participation.
Weighted Sentiment and Market Outlook
- The weighted sentiment curve currently hovers near neutral, indicating a balanced sentiment among investors and traders.
- A shift above the zero line in the sentiment curve could signify a positive bias and potential price gains for NEAR.
Technical Analysis
- NEAR is finding support near the dynamic 200-day EMA, a critical level for determining market sentiment.
- The bullish flag pattern on the daily chart suggests a potential rebound from the lower boundary of the pattern, reinforcing bullish prospects if resistance levels are breached.
Conclusion
NEAR Protocol aims for stability at $5, supported by a bullish chart pattern. A breakout above $5.75 could drive rally to $8 amid market recovery. Sustained weakness may test lower supports, impacting short-term trajectory.
Source - thecoinrepublic.com