Hello Merchants! Here is another analysis of the Near protocol from the weekly perspective. We will see reasons why the Near protocol asset had to be bearish for a couple of days and weeks now and also make projections of where the asset's price should be in the coming weeks.
The Andrew's pitchfork is used here to estimate the likely reach of Near protocol soon.
After price broke through the extension level 0.618 above the support 2 as seen in the diagram above, it went to an ATH which is along the utmost reach of the Andrew's Pitch fork and at the Fib extension of 1. At this level price has to consolidate which is normal hence the reason for the bearish movement which has brought the price of Near below the support 1. This break out below this support may bring price to the support 2.
Nevertheless, the ABD triangle pattern shows that price could move back to its bullish bias along the pitchfork reaching the $16 price mark before the end of this month. This would be achievable if the price doesn't hit the support 2.
The Chart pattern shows that the current price position is a strong price siege which may linger between prices of $8.9 and $9.5 before the eventual breakout.
If you are going long on the Near asset at the moment, please Trade with utmost care in this region.
It is safer to go long on Near protocol/USDT at a price of $7.5 or lesser.
The Andrew's pitchfork is used here to estimate the likely reach of Near protocol soon.
After price broke through the extension level 0.618 above the support 2 as seen in the diagram above, it went to an ATH which is along the utmost reach of the Andrew's Pitch fork and at the Fib extension of 1. At this level price has to consolidate which is normal hence the reason for the bearish movement which has brought the price of Near below the support 1. This break out below this support may bring price to the support 2.
Nevertheless, the ABD triangle pattern shows that price could move back to its bullish bias along the pitchfork reaching the $16 price mark before the end of this month. This would be achievable if the price doesn't hit the support 2.
The Chart pattern shows that the current price position is a strong price siege which may linger between prices of $8.9 and $9.5 before the eventual breakout.
If you are going long on the Near asset at the moment, please Trade with utmost care in this region.
It is safer to go long on Near protocol/USDT at a price of $7.5 or lesser.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.