đ¨đ¨ NEAR Targeting a MASSIVE Upside â Could it Soar to $5.8? Hereâs What You NEED to Know! đ¨đ¨
NEAR Protocol is heating up as it enters a symmetrical triangle formation, signaling a potential breakout that could propel the altcoin toward an ambitious target of $5.8. But donât blinkâthis setup is critical, and the next few moves could dictate whether NEAR flies or falls! đą
Market Sentiment: BULLISH but Cautious
At the moment, market sentiment is largely bullish, with many traders showing confidence in NEARâs short-term outlook. However, NEARâs price action has been fairly limitedâposting modest gains of just 0.14% over the last 24 hours and 0.36% over the past week. This consolidation phase indicates that traders might be accumulating NEAR in anticipation of a major price move. đĽ
The Key Support Level to Watch: $4.604 â ď¸
NEAR is currently trading within a symmetrical triangle, a pattern formed by converging support and resistance lines. This indicates that NEAR is in consolidation mode, but a breakout to the upside could take it to the patternâs peak of $5.871.
But before that potential rally, NEAR will likely test the $4.604 support level. If this level holds, NEAR could be on track for that bullish breakout.
Indicators Point to an Upswing đŽ
Several key indicators are flashing bullish signals for NEAR:
Parabolic SAR (Stop and Reverse):
Dotted markers forming below NEARâs current price suggest ongoing buying pressure and a bullish trend. If these markers continue and multiply, expect confirmation of NEARâs upward momentum. đ
Relative Strength Index (RSI):
Although the RSI is pointing slightly downward, it still appears bullish. Itâs expected to test the support trendline, which could lead to a bounce and send NEARâs price back up.
However, a short-term dip in the RSI could result in a price drop toward the $4.604 support level. From there, NEAR may reverse direction and resume its upward trajectory.
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