📊NEAR/USDT Chart 2-hour timeframe analysis
This chart shows a clear Wyckoff Accumulation pattern, indicating a potential bullish breakout. Here’s a professional analysis:
1. Pattern Identification (Wyckoff Accumulation):
• The chart shows typical Wyckoff phases, including:
• PS (Preliminary Support): Initial signs of demand.
• SC (Selling Climax): The lowest point where demand overcomes supply.
• ST (Secondary Test): Confirmation of support levels.
• LPS (Last Point of Support): The final confirmation before a bullish move.
2. Trigger Line: The descending dotted line acts as the resistance. A breakout above this line signals the start of a bullish movement.
3. Point of Interest (POI): The green box marks a key zone where buyers may step in. The price is already hovering above the POI, which can serve as a strong support level.
4. Price Prediction Targets:
• The price seems to be aiming for the following levels:
• $5.412: Initial short-term target.
• $5.609: Second target if momentum continues.
• $5.790: A stretch target if bulls fully take control.
5. Invalidation Level: The 4.600 level below is marked as the “Invalidation level.” If the price falls below this, it could invalidate the bullish structure.
Price Prediction:
Based on this Wyckoff Accumulation pattern and the breakout above the trigger line, the next price target is $5.412, followed by $5.609, with an upper target of $5.790 if the trend remains strong.
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