$NEAR USDT is setting up for a potential breakout, with a double bottom (W pattern) forming on the 1-hour chart. However, traders should approach cautiously, as a drop below $4.80 would invalidate the pattern and change the outlook.
Key Levels to Watch
Support at $4.80: If NEAR falls below this level, the bullish pattern will be invalidated.
Breakout Above $5.72: A confirmation above $5.72 is the key entry point for a long position, with a target of $6.65.
Trading Strategy
While it’s risky to enter now, the potential for profit is high if the breakout occurs. Traders should set a stop-loss at $4.80 to manage risk. Waiting for confirmation above $5.72 will provide a more reliable entry for a potential rally. Keep an eye on the market for the breakout and watch for signs of momentum.
