$NEAR Technical Analysis: Bulls in Control, Testing Resistance 📊
The NEAR/USDT pair is showing some promising momentum with a 6.05% increase, currently trading at $5.396. Let’s break down the chart and see what’s unfolding:
1. Moving Averages (MA)
• The 7-hour MA (yellow line) is at $5.393, aligning closely with the current price, suggesting a near-term support level.
• The 25-hour MA (pink line) at $5.261 and 99-hour MA (purple line) at $5.252 are below the current price, indicating that NEAR has upward momentum and is currently in a bullish zone.
• With the price above all three moving averages, the trend seems upward, and buyers are showing strength.
2. Volume Analysis
• Volume is fluctuating, but there was a strong volume increase at $4.96, which acted as a key support and potential reversal point, allowing NEAR to surge.
• The recent spike in volume is a bullish indicator as it suggests strong buyer interest, which may push the price higher if sustained.
3. Resistance and Support Levels
• Immediate resistance at $5.543 — the 24-hour high. A break and hold above this level could open up further bullish targets.
• Key support at $4.96 — the 24-hour low, marking a solid base for any potential retracement.
4. Indicators Outlook
• Moving averages indicate strong support as they are closely aligned below the price.
• If volume continues to rise and the price breaks past $5.543, expect the momentum to continue. However, if we see a dip below the 7-hour MA, it could signal a short-term correction.
🚀 Potential Strategy:
• For Bulls: Look for a breakout above $5.543 with strong volume to confirm a continuation of the uptrend.
• For Bears: If the price struggles to break resistance and falls below the 7-hour MA, consider shorting with a target around the 25-hour MA near $5.261.
Overall, NEAR/USDT is looking bullish, but keep an eye on those key levels to confirm the next move. Stay vigilant, traders!
#PEPEATH #HaveYouBinanced #USInflationAboveTarget #BTCBreaks93k {spot}(NEARUSDT)
