NEAR Protocol: Technical Breakout Imminent
The price of NEAR Protocol is at a crucial consolidation point around $7.929, raising expectations of a major breakout in either direction. Based on the current technical analysis, here are the possible scenarios:
1. Bullish Scenario: Breakout Above $8.00
If the price breaks above $8.00, this will confirm increased buyer interest and bullish momentum.
Suggested Entry: > $8.00
Price Targets:
$8.15
$8.30
$8.45
Stop Loss: $7.80
Key Indicator: A sustained breakout above $8.00 will signal buyers' dominance, increasing the probability of hitting the targets.
2. Bearish Scenario: Break Below $7.80
In case the price loses the support at $7.80, it could trigger considerable selling pressure.
Suggested Entry: < $7.80
Price Targets:
$7.60
$7.45
$7.30
Stop Loss: $8.00
Key Indicator: Loss of the support would trigger a bearish trend with a high probability of reaching the lower levels.
Key Levels to Watch
Critical Resistance:
$8.00
Fundamental Support: $7.80
Traders should watch these levels closely as they will determine the next direction of the trend.
Conclusion
NEAR is in a critical phase that offers opportunities for both buyers and sellers. Keep an eye on the technical triggers ($8.00 and $7.80) and manage risk appropriately using stop-loss orders.