NEAR May Be Preparing for a Breakout Amid Rising Momentum and Bullish Chart Patterns
The post NEAR May Be Preparing for a Breakout Amid Rising Momentum and Bullish Chart Patterns appeared on BitcoinEthereumNews.com.
NEAR Protocol is on the verge of a pivotal breakout, driven by technical patterns and increasing retail interest. Recent market trends reflect a significant bullish momentum, highlighted by short liquidations and a resurgence in market activity. “Short sellers have started facing significant pressure as the price climbs, marking a crucial turning point for NEAR,” according to data from Coinglass. NEAR Protocol may be primed for a breakout with a bullish chart pattern and heightened retail interest, signaling a potential rally towards $2.43. Can the inverse head-and-shoulders pattern drive a breakout? NEAR’s chart indicated a well-defined inverse head-and-shoulders formation—often signaling a bullish reversal. The neckline is established just above $2.14, with crucial support levels positioned at $2.06 and $1.95. A breakout above this neckline could propel prices up to a projected target of $2.43, translating to a potential increase of 14.84%. This technical setup is characterized by its symmetry, with clearly defined shoulders and a prominent low enhancing its reliability. Despite this positive outlook, it is important to approach the market with caution—strong volume confirmation will be essential for sustaining any potential rally. Source: TradingView Short liquidations mount as bearish bets backfire Recent liquidation data underscores the growing pressure on short sellers within the NEAR market. Over the past sessions, the total short liquidations reached $31.42k, significantly outstripping long liquidations that stood at just $10.46k. The Binance exchange accounted for the majority, with $21.25k in short liquidations, reflecting a broader misjudgment among traders about market direction. Furthermore, exchanges like Bybit and OKX have also reported notable short-side liquidations, indicating that many bearish positions are being squeezed as prices continue their ascent. This disproportionate liquidation scenario serves as a hidden catalyst for upward momentum, with forced exits from shorts leading to sudden price spikes. Source: Coinglass Rising social volume hints at growing…
Filed under: News - @ April 13, 2025 1:15 am