Technical Setup:
NEAR is currently trading within a well-defined falling channel structure on the 4H chart, consistently respecting both the upper and lower trendlines. Price is now near the bottom boundary of the channel, which has historically acted as a reliable support zone.
Key Observations:
Trade Idea:
Bullish Scenario: If NEAR sustains above $2.00 and breaks above $2.24 with strong volume, we could see a move toward $2.64 – the next major resistance and top of the channel.
Bearish Scenario: A breakdown below $2.00 could lead to a test of the $1.88 support zone.
Bias: Short-term bullish if the $2.00 level holds and price starts bouncing upward from the lower channel trendline.
Invalidation: A clean break and retest below $1.88 with high sell volume would invalidate the bullish structure.
NEAR is currently trading within a well-defined falling channel structure on the 4H chart, consistently respecting both the upper and lower trendlines. Price is now near the bottom boundary of the channel, which has historically acted as a reliable support zone.
Key Observations:
- NEAR touched the lower trendline and is showing early signs of a potential bullish bounce.
- Volume indicates some buyer interest around this zone, although confirmation is still pending.
- Immediate resistance lies at $2.24 – a previous minor support that may flip to resistance.
- If the bounce confirms, the next major target would be the upper boundary of the channel (~$2.64).
- Below current levels, $2.00 and $1.88 are key horizontal supports to watch for a possible breakdown scenario.
Trade Idea:
Bullish Scenario: If NEAR sustains above $2.00 and breaks above $2.24 with strong volume, we could see a move toward $2.64 – the next major resistance and top of the channel.
Bearish Scenario: A breakdown below $2.00 could lead to a test of the $1.88 support zone.
Bias: Short-term bullish if the $2.00 level holds and price starts bouncing upward from the lower channel trendline.
Invalidation: A clean break and retest below $1.88 with high sell volume would invalidate the bullish structure.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.