The cryptocurrency market shows signs of slight recovery after a recent sharp decline, with Ethereum bouncing back to $3,700.
Market Recovers After Decline
Ethereum (ETH) has risen back to around $3,700 from a recent low of $3,357. This recovery is accompanied by a bounce in several altcoins, including Near Protocol (NEAR).
Fractal Patterns of NEAR and MNT
A close look at the daily charts of Mantle (MNT) and NEAR shows that NEAR is forming a similar fractal pattern. In MNT's case, the token broke out of a falling wedge, staged a pullback, and formed a harmonic ABCD structure. NEAR has also broken its falling wedge and formed a similar ABCD structure.
NEAR's Prospects and Price Range
If this fractal continues to play out like MNT's, a confirmed break above the 100-day moving average could act as a trigger for NEAR to reach around $3.28, representing a 31% upside from current levels. However, to maintain this bullish outlook, NEAR must hold above the C-point support at $2.30.
The data emphasizes the complex nature of the cryptocurrency market, where technical analysis factors can play a key role in future price movements.
