Published 46 mins ago
Today, the Near protocol (NEAR) price shows a 16% jump providing a decisive breakout from the $4.77 neckline resistance of the cup and handle pattern. moreover, completing this bullish reversal pattern amid the improving market sentiment, will ignite premature recovery for coin holders.
- The post-retest rally from the $4.77 breakout would surge the NEAR price by 20%
- The midline of the Bollinger band indicator offers dynamics support to coin price
- The intraday trading volume in the NEAR is $691.5 Million, indicating a 49% gain.
Over the past two months, the NEAR price, wavering below the $4.77 resistance, revealed the formation of the cup and handle pattern. Amid the July third week’s sell-off, altcoin tumbled 20% and triggered the pattern’s handle portion.
The minor pullback found suitable support at the $3.8 mark and resumed the recovery rally for further gains. Thus, the NEAR price has gained 38% within a fortnight, and offers a massive breakout from the pattern’s neckline resistance of $4.77.
Furthermore, the 49% hike in volume indicates a positive response from traders for this breakout. Therefore, a daily candlestick closing above this resistance would allow buyers to retest the $4.77 level as potential support.
If the NEAR price shows sustainability above the flipped support, the traders can enter a long position with the expected target at the $5.735 mark.
However, in case the altcoin failed to sustain during the restest phase and dived below $4.77 support, the resulting fakeout may trap the aggressive buyers under a potential downfall. In addition, the forced liquidation from buyers may bring additional selling pressure to the market.
Bollinger band indicator: a sudden price jump has poked the indicator’s upper band indicating strong buying from traders. Moreover, this resistance retest usually triggers a minor correction, providing retest opportunity to enter a long position.
RSI indicator: the daily-RSI slope shows a phenomenal rally amid the formation of the cup and handle pattern, indicating the growth in bullish momentum. Moreover, the RSI slope nearing the overbought region shows sustained buying.
- Resistance levels- $5.7 and $6.3
- Support levels- $4.7 and $3.8
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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