TradeCityPro | NEAR: Breaking Boundaries in Layer 1 AI Crypto๐ Welcome to TradeCityPro!
Today's analysis will focus on NEAR, a Layer 1 and AI crypto project with a market cap of $3.17 billion, ranking 31st on CoinMarketCap.
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Weekly Timeframe
In the weekly timeframe, as you can see, following an upward leg from $0.993 to $8.298, a range box formed over a year from $3.615 to $8.298. Recently, with the market's downturn, the price finally broke below this box's floor at $3.615.
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Currently, the price has pulled back to this area after breaking $3.615 and has dropped to $2.574, where it's currently forming a supportive green candle.
โก๏ธ The $2.574 area is robust, showing positive price response, and it remains to be seen what happens next. If this support breaks, the price could move towards lower areas like $1.830 and $0.993.
๐ Conversely, if the price can sustain this support and move above $3.615, a significant upward momentum could enter the market, potentially driving the price at least up to $8.298. A break above $8.298 could see the next target at $16.839.
๐ Market volume has increased following the range break, which is natural as the price has finally moved out of a range, and increased volume has entered. Continuation of this volume increase could heighten the likelihood of breaking $2.574.
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Daily Timeframe
In the daily timeframe, we can observe more detailed price movements.
๐ซ As seen, the main support at $3.615 has broken, and subsequently, a price box formed between $2.804 and $3.615. Coinciding with an RSI divergence, the floor at $2.804 broke, and the price dropped to $2.161.
๐ฒ Currently, the price is correcting back towards the $2.804 area. Market volume is rising, and the RSI divergence trigger has not yet been activated, indicating ongoing bearish momentum.
๐ฅ If the RSI breaks the 50 area, the divergence could impact the market and eliminate the bearish momentum. This would be the first sign of a trend change, but the main ceiling at $3.615 must be broken to confirm a trend reversal.
๐ For short positions, breaking the $2.161 area is suitable, and if this area breaks, the price could drop to $1.682. For long positions, breaking $2.804 is a risky trigger, with the main trigger at $3.615 for a more solid position.
๐ Final Thoughts
This analysis reflects our opinions and is not financial advice.
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