NEAR’s road to recovery: Traders bet on rise to $5.2 and beyond
The post NEAR’s road to recovery: Traders bet on rise to $5.2 and beyond appeared on BitcoinEthereumNews.com.
Increased liquidity and a prevailing bullish pattern contribute to the anticipated upward movement. If buying pressure persists, NEAR could climb to $5.2 and potentially extend to $8. Despite bearing the brunt of recent market downturns—with a 16.48% drop over the past week and a 10.61% decline over the last four weeks— NEAR Protocol [NEAR] has shown signs of resilience. A modest 0.43% decrease in the last 24 hours signals a potential shift towards bullish control. Short traders misjudge market dynamics A key indicator of shifting market dynamics is the notable liquidation of traders who have bet against NEAR, expecting its price to fall. In the last 24 hours, short positions on NEAR worth $114.86k have been eliminated, which is a result of the growing number of traders betting on a price increase. Source: Coinglass AMBCrypto now addressed the question of NEAR’s future direction as buying interest continues to surge. NEAR set for a rally to $5.2, with more gains on the horizon AMBCrypto’s technical analysis indicates that bullish sentiment is supported by a symmetrical triangle and other bullish patterns. Currently, NEAR is trading at the support level of the symmetrical triangle pattern at $3.91. If buying pressure at this level continues, the price is expected to reach the first target of $5.256, though a pullback at $4.317 could occur. Source: Trading View Stronger buying pressure could then propel NEAR towards longer-term targets of $6.489 and $8.520, where significant liquidity awaits. Conversely, if market dynamics shift and sellers dominate, the token could retreat to likely support levels at $3.085 and $2.479. Buyers recognize NEAR as undervalued AMBCrypto’s analysis using the Chaikin Money Flow (CMF) and the Market Value to Realized Value (MVRV) indicators suggests that NEAR is currently undervalued. The MVRV ratio, which compares market capitalization to realized capitalization, indicates undervaluation…
Filed under: News - @ September 4, 2024 8:25 am