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NEAR Price Holds at Critical Horizontal Level With Pivotal Move on Horizon

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • Symmetrical triangle hints at an imminent breakout.
  • The oversold suggests a potential bullish recovery.
  • Key support at $4.49 holds critical significance.

The price of Near Protocol (NEAR) has been trading in a descending triangle since its December peak of $8.20.

It lost around 45% of its value, measured to the lowest point, but now attempts to hold above a significant horizontal zone.

Interaction results will provide further insight into the likely outlook.

NEAR Price Analysis

The 4-hour chart shows NEAR consolidating within a descending triangle formed after a breakout above the descending channel, bringing the price to a lower high of $8.23.

After the initial breakout runup, it reverted to test the broken resistance for support and is currently hovering above it. The key Fibonacci retracement levels, with $5.29 (0.618) acting as a critical resistance zone and $4.49 (0.786) providing immediate support.

NEAR price analysis
NEARUSD testing prior resistance for support | Credit: Nikola Lazic/TradingView 

The Relative Strength Index (RSI) on the 4-hour time frame is neutral at approximately 40, signaling reduced momentum, although it is nearing oversold territory.

The corrective ABCDE wave count ended with Wave (e) bottoming near $3.50 on Nov. 4. The following rise led to a lower high of $9 compared to the one in March, which is a sign of caution.

The interaction result of this retest will determine the next dominant trend. 

NEAR Price Prediction

The 1-hour chart zooms in on Elliott Wave structures within the descending triangle, showing a likely Wave (v) completion near $8.21, followed by an extended corrective ABC pattern.

A critical support zone between $4.50 and $4.70 has held steady, forming the base of the descending triangle visible on the 4-hour chart.

The current consolidation aligns with the latter stages of a corrective Wave (E), suggesting a potential breakout.

NEAR price prediction
NEARUSD horizontal zone interaction awaited | Credit: Nikola Lazic/TradingView 

Bullish scenarios project an upward movement toward $6.40 (0.382 Fibonacci retracement), with further extensions targeting $7.10 (0.236) and ultimately $8.21.

On the downside, a failure to hold $4.49 could initiate a drop to $3.48 (1.0 Fibonacci extension), confirming bearish momentum.

RSI on this lower time frame shows bullish divergence, supporting the possibility of an upward breakout.

In summary, NEAR is positioned at a critical juncture, with descending triangle dynamics and Fibonacci levels as pivotal influences. Monitoring breakout points alongside RSI momentum will clarify the next significant move.

Key Levels to Watch

  • Immediate Resistance: $5.29 (0.618 Fibonacci level).
  • Secondary Resistance: $6.40 (0.382 Fibonacci retracement).
  • Critical Resistance: $7.10 (0.236 Fibonacci retracement).
  • Immediate Support: $4.49 (0.786 Fibonacci retracement).
  • Critical Support: $3.48 (1.0 Fibonacci extension).
  • Short-Term Target: $6.40–$7.10 upon breakout.
  • Invalidation Zone: Below $4.49, signaling bearish continuation.
Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
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