NEAR price action teases a head and shoulder pattern with a potential price drop of 20% to the psychological mark of the $3 support level. The NEAR price chart shows a head and shoulder pattern in action, leading the current correction rally to an even lower level. The neckline for this pattern is the $3.75 mark which has been supporting the coin buyers since last month. Thus, can the buyers defend this level again, or will we revisit the $3 mark? Key Points: The NEAR price plunged below the 0.618 Fibonacci retracement level A bearish reversal from $4.44 assists sellers in completing the head and shoulder pattern. The intraday trading volume in the NEAR is $415.5 million, indicating a 170% gain. Source – TradingView NEAR Technical Analysis The ongoing correction phase reduced NEAR prices by 53.8%, bringing them to $3.7. However, on the daily timeframe, this V-shaped downfall highlighted the emergence of the Head & Shoulder pattern. This bearish signal causes an overwhelming selling impulse when prices fall below the neckline support. In any case, the NEAR price forms the pattern’s right shoulder, which should lead to a test of the $3.75 support. Earlier today, the coin price increased by 7% and tried a bullish breach from the $4.4 minor barrier. However, the crypto market had a rapid sell-off, and the coin is now down 4% on an intraday basis. A $4.4 long-rejection candle adds to the fulfillment of the previously described bear...
