Jakarta, Pintu News – The cryptocurrency market is known for its captivating dynamics, and one token currently in the spotlight is NEAR Protocol. Signs are emerging that NEAR may be on the verge of a significant price increase. Various technical indicators and market momentum imply that NEAR could be preparing for a substantial breakout.
Inverse Head-and-Shoulders Pattern: Is This the Start of a Rally?
Recent analysis of NEAR’s price chart reveals a distinct inverse head-and-shoulders formation, a pattern typically viewed as a bullish signal. The neckline of this pattern is positioned just above $2.14, with robust support levels at $2.06 and $1.95. A successful breach of this neckline could open the door to considerable upward movement for NEAR. This pattern is compelling not only due to its visual representation but also because it signals potential shifts in market sentiment. A breakout could ignite further buying activity, driving NEAR’s prices higher.
Short Liquidation Indicates Market Uncertainty
The latest data on liquidations indicates that traders betting against NEAR are beginning to feel the strain. Short liquidations have surged to $31.42K, significantly eclipsing the long liquidations, which stand at only $10.46K. Binance, a major cryptocurrency exchange, reported a short liquidation figure of $21.25K. This scenario suggests that many traders may be misjudging the market’s direction, potentially bolstering the chances of a rebound for NEAR’s prices. When short positions are liquidated, it often creates a ripple effect that can propel prices upward.
Social Volume and Developer Activity: Other Vital Indicators
In addition to technical indicators, there has been a noticeable rise in social volume surrounding NEAR, which has increased to 6, contributing to a market dominance of 0.039%. This uptick indicates that NEAR is garnering more attention from retail investors. Conversely, NEAR’s developer activity has seen a decline, dropping from 27.68 to 19.48 on April 12. While this reduction might reflect a temporary pause following substantial increases, it does not necessarily signal an impending reversal in trend.
Conclusion: Will NEAR Start Its Big Rally?
With a range of positive signals stemming from technical analysis and market dynamics, NEAR Protocol (NEAR) appears to be positioned for a potential price surge. The inverse head-and-shoulders pattern, coupled with an increase in social volume and the pressure on short positions, strongly indicates that NEAR may be set for a rise of up to 15% in the near future.
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*Disclaimer: This content is intended to provide informative insights to readers. Pintu compiles information from various relevant sources and remains independent of external influences. It’s important to note that past performance of assets does not guarantee future results. Trading cryptocurrencies involves significant risk and volatility; always conduct thorough research and invest only what you can afford to lose. Responsibility for buying and selling Bitcoin and other crypto assets ultimately lies with the reader.
