NEAR Price At $6 Base Offers A Buy The Dip Moment

Photo of author
Written By Pinang Driod

The cryptocurrency market entered the 2024 quarter 2 with a surge in volatility following the Bitcoin price pullback below $70000. This reversal triggered a fresh wave of correction in the majority of major cryptocurrencies including Near Protocol (NEAR).

Since mid-March, the NEAR price has experienced a steady correction, falling from $9 to $6, which marks a 33% decrease. However, with pullback sustaining above 50% retracement level and developing a bullish chart pattern, indicating this asset is poised for further growth.

Tradingview 

Amid the broader market correction, the NEAR coin price showcased a retracement to the $6 psychological level. This support coinciding with the 50-day EMA and above 50% FIB level creates a high area of interest(AOI) for buyers.

On April 3rd, the altcoin witnessed its second reversal from $6 leading to a 13% upswing to reach $6.7. Currently, the Near protocol holds a market cap of $7.146 Billion, with a trading volume of $548.1 Million.

Furthermore, an analysis daily chart reveals the formation of a bullish pennant pattern as the current correction strictly resonates within two converging trendlines after the aggressive rally.

Source: Tradingview

The pennant chart pattern is commonly observed in an established uptrend as the price tends to consolidation/correct for a brief period to regain its exhausted momentum.

Technical indicators:

Bollinger Bands: The NEAR price challenging the upper boundary of Bollinger band indicator projects the buyers are aggressively accumulating this asset.

EMA: The 50-day EMA slope acts as a dynamic support for NEAR price during market pullbacks. Moreover, an uptick indicates the short rally align with broader bullish trend 

Will NEAR Price Correction Reach $5?

With an intraday gain of 0.68%, the NEAR coin price is gradually leading to the upper boundary of the pennant pattern. Should a breakout occur, the buyers will gain a suitable launchpad to prolong the prevailing recovery trendline.

The post-breakout rally may drive the NEAR price to $10 milestone, followed by an ambitious target of $12.5.

On the flip side, a breakdown below the $6 support could extend correction to $5.1.

SOURCE

Leave a Comment

ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT