The post Assessing the odds of NEAR’s reversal signal fueling a 15% hike appeared on BitcoinEthereumNews.com.

NEAR has been testing a bullish inverse head-and-shoulders pattern with strong resistance at $2.14 Short liquidations and rising social interest hinted at building momentum for a potential breakout NEAR Protocol [NEAR], at press time, seemed to be showing signs of a potential rebound, backed by rising market capitalization and moderate price gains. In fact, its market capitalization rose by 4.47% to hit $2.55 billion – A sign of cautious optimism among investors. However, this came at a time when its 24-hour trading volume plunged by 15.66% to hit $148.48 million.  At the time of writing, NEAR was trading at $2.12, up by 4.26%. Despite the price uptick, however, the volume drop indicated weak trader commitment. This also suggested that the recent gains may lack the strength needed to trigger a sustained rally, unless buying pressure increases meaningfully. Can the inverse head-and-shoulders pattern drive a breakout? NEAR’s chart revealed a well-defined inverse head-and-shoulders structure – Often a sign of a bullish reversal in the making. The neckline sat just above $2.14, with notable support levels at $2.06 and $1.95.  The price seemed to be testing this neckline, and a breakout above it could fuel a 14.84% move to the projected target of $2.43. This pattern’s symmetry, with clearly formed shoulders and a central low, enhances its reliability.  However, traders should remain cautious as this bullish setup requires strong volume confirmation. Without such a catalyst, the rally could stall, and the pattern may lose its significance. Source: TradingView Short liquidations mount as bearish bets backfire Liquidation data underlined growing pressure on short sellers. Over the last few sessions, short liquidations hit $31.42k, far surpassing long liquidations, which totaled just $10.46k. Binance alone accounted for $21.25k in short liquidations, showing that many traders misread the market’s direction.  Additionally, Bybit and OKX also saw…

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Filed under: News - @ April 13, 2025 1:05 am