NEARing a breakout
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Looking at NEAR/USDT 4H chart going back to late Feb 2023.
We see six(!) firm rejections at recapturing the 200MA highlighted in the circles. I would generally consider this bearish as the token doesn't have enough buyer support to flip the MA from resistance to support. But what I've noticed in years of crypto charts is those six rejections will dramatically help cement the 200MA as support when it finally does flip it.
Bollinger Bands are the black lines, and we see the upper band trending above the 200MA. While the retracement from the recent rejection happens, its continues to consolidate between the .5FIB & .236FIB. This is akin to coiling and building up strength for the push back up.
$1.85 has historical value for the coin and is also reflected as the .236FIB in this chart. I'm expecting a quick trend down towards there, then we'll get our seventh attempt at cracking the 200MA thereafter. I believe that NEAR will recapture the 200, whether its the seventh or eleventh attempt I can't say. But I know that when it does finally flip the 200, we'll be moving back up towards $2.70 quite quickly.
Short term play would be to enter at bounce near $1.85, then exit around $2.70 (strongest resistance after flipping 200). Long term play would be to DCA now then use NEAR within their DeFi ecosystem during the bull market. ATH is $20 and that was during its first market cycle. Most major cryptos print higher than their previous ATH in subsequent runs, unless the coin is plagued by inflation.
Either way I'm confident it's just a matter of time before NEAR breaks out from under 200MA and moves up. NFA
We see six(!) firm rejections at recapturing the 200MA highlighted in the circles. I would generally consider this bearish as the token doesn't have enough buyer support to flip the MA from resistance to support. But what I've noticed in years of crypto charts is those six rejections will dramatically help cement the 200MA as support when it finally does flip it.
Bollinger Bands are the black lines, and we see the upper band trending above the 200MA. While the retracement from the recent rejection happens, its continues to consolidate between the .5FIB & .236FIB. This is akin to coiling and building up strength for the push back up.
$1.85 has historical value for the coin and is also reflected as the .236FIB in this chart. I'm expecting a quick trend down towards there, then we'll get our seventh attempt at cracking the 200MA thereafter. I believe that NEAR will recapture the 200, whether its the seventh or eleventh attempt I can't say. But I know that when it does finally flip the 200, we'll be moving back up towards $2.70 quite quickly.
Short term play would be to enter at bounce near $1.85, then exit around $2.70 (strongest resistance after flipping 200). Long term play would be to DCA now then use NEAR within their DeFi ecosystem during the bull market. ATH is $20 and that was during its first market cycle. Most major cryptos print higher than their previous ATH in subsequent runs, unless the coin is plagued by inflation.
Either way I'm confident it's just a matter of time before NEAR breaks out from under 200MA and moves up. NFA
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Breakout complete
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