Despite cryptocurrency market volatility, certain altcoins like NEAR show promising signs. Let's delve into the technical indicators hinting at an imminent surge for this exciting crypto.
As the cryptocurrency market moves through a consolidation phase, Near Protocol is drawing attention with an intriguing technical setup. Its recent evolution strongly resembles that of Mantle (MNT), which recently recorded spectacular gains. This similarity could signal a bullish phase.
Looking closely, the charts of NEAR and MNT show striking similarities. After breaking out of a bearish wedge, MNT executed a pullback, formed a harmonic ABCD pattern, then rebounded strongly from point C, reclaiming its 100 and 200-day moving averages and climbing 40% to point D.
NEAR appears to be following the same trajectory : Breaking out of a bearish wedge, pullback, formation of an ABCD pattern, then a marked rebound from $2.30, currently testing the 100-day moving average at $2.53. If this threshold is crossed, the token could target a PRZ around $3.28, representing a potential gain of +31%.
This scenario, however, depends on maintaining support above $2.30. A break below this level would invalidate the pattern and weaken the current momentum. NEAR is showing promising technical signals, but as always in crypto, caution and rigorous analysis remain essential.
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