NEAR SWING LONG OPPORTUNITY - NEAR Protocol
2024-11-02

NEAR is one of the strongest blockchains in crypto. The network has proven itself by being around for over four years and is currently among the top 20 coins by market cap. It’s also a project I follow closely and look for trading opportunities with.

Technical Analysis: Price recently hit the monthly demand zone, sweeping daily equal lows without closing below. This indicates a liquidity grab through a wick and a subsequent break of the bearish trendline responsible for months of downtrend. Additionally, a weekly demand zone was created as the weekly structure shifted to bullish during the breakout.

Currently, price is within the weekly demand zone and is at a discount level in the optimal trade entry area, within the Fibonacci golden pocket.

I’ll be opening some swing positions here, targeting the first bearish upper trendline and, ultimately, the weekly swing high as marked on the chart. Stop loss is set below the monthly demand at 2.350.