The NEAR Technical Analysis displays a bullish attempt to control the triangle fallout rally at the crucial support level of $3.5. The NEAR price action displays a triangle fallout rally, struggling to crawl under the bottom support level at $3.5. Additionally, the lower price rejection candles at the support level tease a trend reversal rally to retest the triangle breakout. So, should you consider taking a short-term bullish entry? Key Points: The Near Protocol price action shows a trend reversal possibility. Increasing long-wick candles at the $3.5 support level displays a bullish inclination in the underlying sentiments. The intraday trading volume in Near Protocol is $144 million. Source – TradingView NEAR Technical Analysis The NEAR price action displays the recent rejection from the 100-day EMA in a triangle pattern to test the bottom support level of $3.5. The correction phase accounts for a depreciation of 30% within a fortnight and increases bearish momentum in the declining EMAs. Furthermore, the declining price trend generates a new resistance trendline leading to a falling wedge pattern. Currently, the market price rests at the support confluence of the descending trendline and the $3.5 support level. Source – TradingView However, the increasing trend in the intraday trading volume supporting the Doji candles at the $3.5 mark projects a high possibility of a trend reversal. Therefore, if the buying pressure increa...
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