NEAR — Eyeing a Breakout?
2024-09-13

NEAR has developed a double bottom pattern, a classic reversal setup starting to emerge across several altcoins. This structure often signals a potential trend shift, but the key lies in how NEAR handles the $4.15 to $4.35 resistance range.
 
Currently, NEAR is attempting to push through this essential zone, which has acted as both support and resistance in the past. A clean break above $4.35 would significantly strengthen the bullish case and could trigger a move toward $5, and potentially beyond.

 Key Technical Levels: 
 
 $4.15–$4.35: This is the immediate barrier. The potential for upside remains capped until NEAR closes decisively above this range.
 $5 target: Should NEAR clear the $4.35 level, the next logical stop is $5, a fundamental psychological level and a technical pivot from earlier this summer.
 EMA200: At around $4.9, the EMA200 poses another challenge. The last time NEAR approached this moving average, it was rejected. Clearing this level will be critical for a sustained move higher.
 

 The Bullish Case: 
The double bottom pattern and improving price action hint at a potential breakout. If the overall crypto market turns bullish, NEAR could benefit from this momentum and push beyond $5, making it an attractive play. The chart is showing some constructive signs, but patience is required.

 The Caution: 
Until NEAR cleanly breaks through $4.35, the setup remains fragile. Entering before this area is cleared carries risk, especially with the EMA200 looming overhead as a critical resistance. It’s a waiting game for now—the signal will come once we see confirmation above $4.35.