Unlocking Hidden Potential: NEAR Technical AnalysisNEAR Technical Analysis
The price has been following a descending trend line(Red) and recently found a major support zone(Yellow) at $4.18 โ $4.295. The dotted line at 4.441 is also acting as a good support. After touching this support, the price has bounced back and is currently testing the trend line.
The key resistance zone(Green) is identified around the $5.586 โ $5.743, which has acted as a strong resistance zone in the past. The price has struggled to break above this zone multiple times, suggesting it is a significant level to watch.
Potential scenarios
Bullish Scenario
If the price breaks above the descending trend line it could move towards the resistance zone in Green at $5.586 โ $5.743.This green zone is major resistance to moving the price upwards. After a breakout from this zone, the price could move toward the next resistance zone in Blue at $6.675 โ $6.897.A breakout above this level could indicate a reversal of the downtrend and a possible continuation to higher levels.
Consolidation Scenario
If the price gets rejected at the descending trend line or the resistance zone in Green, it might consolidate between $4.441 and the Green zone. This consolidation phase could last until the market decides on the next significant move. Price could also take support at the Yellow zone and from there it will bounce back according to our analysis.
Bearish Scenario
If the price fails to sustain above the current support level of $4.441, it could lead to a further decline towards the yellow zone at $4.148 โ $4.295. If this Yellow zone fails to hold the price then, this would indicate a continuation of the bearish trend.
Volume is also a critical factor to monitor. Increased volume on a breakout above the resistance levels could confirm the bullish scenario, while low volume might indicate a lack of conviction among traders.
NEAR/USDT is at a critical juncture, with key resistance and support levels that will likely dictate the next major move. Traders should watch these levels closely and consider volume trends to gauge market sentiment.
