Recent market analysis indicates that NEAR may be nearing a reversal point. After weeks of aggressive selling, the price has begun to form a falling wedge, suggesting a potential trend change.
Formation of Falling Wedge
On the daily timeframe chart, NEAR has formed a falling wedge. This technical formation often signals a change in momentum. The contracting range indicates that selling pressure is slowing down, and a price breakout from the current pattern is likely.
Shift Towards an Uptrend
The RSI has entered deep oversold territory, traditionally signaling potential short-term bottoms. More importantly, the RSI is printing higher lows even as new local price lows occur. This bullish divergence suggests a shifting market sentiment.
Future Price Movement Prospects
If NEAR holds above the $1.48 support level and breaks above the wedge resistance, it could trigger a strong upward move towards the next key level at $4.66. Conversely, failing to hold support could delay this scenario.
Current market conditions suggest high potential for NEAR to stage a significant reversal. The next few days will be critical in determining the price direction.
