TradeCityPro | NEAR: Breaking Boundaries in Layer 1 AI Crypto

👋 Welcome to TradeCityPro!
Today's analysis will focus on NEAR, a Layer 1 and AI crypto project with a market cap of $3.17 billion, ranking 31st on CoinMarketCap.

📅 Weekly Timeframe
In the weekly timeframe, as you can see, following an upward leg from $0.993 to $8.298, a range box formed over a year from $3.615 to $8.298. Recently, with the market's downturn, the price finally broke below this box's floor at $3.615.

✅ Currently, the price has pulled back to this area after breaking $3.615 and has dropped to $2.574, where it's currently forming a supportive green candle.

⚡️ The $2.574 area is robust, showing positive price response, and it remains to be seen what happens next. If this support breaks, the price could move towards lower areas like $1.830 and $0.993.

🔑 Conversely, if the price can sustain this support and move above $3.615, a significant upward momentum could enter the market, potentially driving the price at least up to $8.298. A break above $8.298 could see the next target at $16.839.

📊 Market volume has increased following the range break, which is natural as the price has finally moved out of a range, and increased volume has entered. Continuation of this volume increase could heighten the likelihood of breaking $2.574.



📅 Daily Timeframe
In the daily timeframe, we can observe more detailed price movements.

💫 As seen, the main support at $3.615 has broken, and subsequently, a price box formed between $2.804 and $3.615. Coinciding with an RSI divergence, the floor at $2.804 broke, and the price dropped to $2.161.

🎲 Currently, the price is correcting back towards the $2.804 area. Market volume is rising, and the RSI divergence trigger has not yet been activated, indicating ongoing bearish momentum.

💥 If the RSI breaks the 50 area, the divergence could impact the market and eliminate the bearish momentum. This would be the first sign of a trend change, but the main ceiling at $3.615 must be broken to confirm a trend reversal.

📉 For short positions, breaking the $2.161 area is suitable, and if this area breaks, the price could drop to $1.682. For long positions, breaking $2.804 is a risky trigger, with the main trigger at $3.615 for a more solid position.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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