Are we NEAR a turning point?NEAR Protocol (NEAR) has been experiencing a prolonged downtrend since April 22, 2022, encountering strong resistance at $17.86 on the daily chart. However, recent price action suggests a potential reversal, as buying strength emerged on June 23, 2023, following a significant sell-off. Bears drove the price down to $1.161, but buying activity subsequently ensued, resulting in a 34% increase over the past 12 days.
Several bullish indicators have emerged for NEAR Protocol, including the breaking of the 80 level on the oscillator. This indicates that the buying momentum has increased, potentially signaling a shift towards a bullish trend.
To determine an entry point, it is advisable to wait for a MOON signal to be confirmed via ROBO. ROBO is a technical analysis tool that provides signals based on multiple indicators. In this case, the confirmation requires the presence of 2 out of 3 signals, which indicate a bullish trend. This methodology helps to minimize false signals and increase the probability of success.
However, it is crucial to note that the cryptocurrency markets are highly volatile at the moment.
While ROBO may remain bullish, there is a possibility of a minor drawback before the continuation of the upside movement. It is important to monitor the market closely and adjust strategies accordingly.
Based on the provided information, my main personal target for NEAR Protocol is $1.836. This target represents an upward price projection.
Remember, technical analysis is just one aspect of investment decision-making. It is important to consider fundamental factors, market sentiment, and risk management techniques before making any investment or trading decisions.
