TradeCityPro | NEAR Faces Resistance in Lower Range Zone

👋 Welcome to TradeCity Pro!
In this analysis, I’m going to review NEAR, one of the AI and Layer1 crypto projects, currently ranked 35 on CoinMarketCap with a market cap of 2.77 billion dollars.

📅 Daily Timeframe
On the daily chart, NEAR has formed a large ranging box between the 1.884 and 3.548 levels and is currently positioned in the lower half of that range.

✔️ After hitting the lower boundary, the price has formed a trigger around the 2.279 level and is now fluctuating below it.

✨ A breakout above this level could give us a long entry. However, the downside is that volume is decreasing and diverging from price. If this volume drop continues, the likelihood of the range breaking to the downside increases.

📊 If volume starts to rise, considering that the RSI is stabilizing above the 50 zone, the probability of a bullish scenario becomes much stronger.

💥 The main resistance above the current price is at 3.548, which I’ve marked as a zone. In my opinion, breaking this level would be the main trigger for a spot buy, and I personally plan to wait for this level to break before buying spot.

🔔 If the price gets rejected from the 2.279 level and bearish momentum enters the market, a break below 1.884 would be a strong short trigger and could signal the start of a new bearish leg and continuation of the previous downtrend.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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