Lokesh Gupta
22-04-2024
#Near Protocol exhibits a descending channel pattern, reflecting a current downtrend in its price trajectory.
Despite dropping below the $4.8 support level, Near found support at $4.3, bolstered by strong buying activity.
Robust accumulation has propelled NEAR price towards $6, with an aim to surpass immediate Fibonacci channels.
A significant bullish reversal positions Near Protocol to challenge overhead supply zones.
Noteworthy on the 1-day chart is the formation of a third consecutive bullish candle, suggesting a potential breakout of the descending resistance trendline.
Given the strong potential for a bullish breakout from the falling channel, NEAR's price might reach the significant $10 threshold.
According To Coingabbar's analysis, If Bulls, failure to breach the trendline may lead to a retreat in price, with a potential retest of $4.90 and nearing the lower support level.
KEY LEVELS :
RESISTANCE LEVEL : $7.75-$9.00
SUPPORT LEVEL : $5.90-$4.90
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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