TradeCityPro | NEARUSDT Analysis Attempting to Reach a New ATH
2024-12-03

👋  Welcome to the TradeCityPro channel! 
Let's analyze one of my favorite coins, NEAR, and evaluate its potential short-term and long-term targets.

🌍  Bitcoin Analysis 
Before starting the NEAR analysis, as usual, let's take a look at Bitcoin during the London session. Bitcoin is still ranging and even slightly trending downward. On the other hand, Bitcoin dominance (BTC.D) has a clear bearish trend, allowing altcoins to pump and move upward.

Educational Note on BTC.D: If Bitcoin breaks above $100K, BTC dominance will likely rise initially, pushing altcoins along with Bitcoin. Later, BTC dominance might retrace to levels like 59.60, enabling another altcoin rally.


📅  Weekly Time Frame  

NEAR stands out as one of the coins that made a significant bullish move early on, even before the broader crypto market rallied in 2023. After breaking out of its falling wedge pattern, NEAR initiated an upward trend.

falling wedge is inherently bullish and signals a trend reversal, especially when observed on higher time frames.

NEAR never revisited its major support at $3.736 and instead bounced strongly from there.
The coin is now approaching its previous peak of $8.289.

After bouncing off the 0.382 retracement level (from $3.736), NEAR looks ready for further upside , Potential Fibonacci extension targets: $13.556 - $30.183 - $53.370

Upon breaking $8.289, we can plan an entry while adhering to risk management, with a stop-loss at $3.736 for mid- to long-term holding.

📊  Daily Time Frame  

NEAR recently bounced from $3.525, initiating a strong rally that reached the resistance at $8.289. The price experienced rejection at this level, leading to a consolidation phase.

Abeautiful parabolic trendline can be observed, where NEAR continues forming higher highs and higher lows , Each touch of this trendline has resulted in a bounce so far.

Breaking this parabolic line could indicate a short-term correction but doesn’t necessarily mean a full trend reversal.

Post-breakout above $8.289, with RSI entering the overbought zone (around 78.90), is a potential buy signal , Suggested stop-loss levels: Risky: $10.50 - Safer: $7.51

Personally, I’d rather take a stop-loss than miss out on a breakout caused by whales.


⏳  4-Hour Time Frame 

NEAR has been ranging between $7.16 and $13.78 for several days, clearly defining potential triggers

📈  Long Position Trigger 
break above $13.78 presents an excellent opportunity to open a long position, with even a stop-buy setup before reaching the level.

📉  Short Position Trigger 
I am currently not considering short positions, focusing solely on long entries after corrections.


💡  BTC Pair Insight 

NEARBTC has also shown a strong setup. After its rally in 2023 and early 2024, it has been consolidating gradually.

NEARBTC hasn’t revisited its key support this year, which is a positive sign.
The coin is now breaking a key resistance trendline, further justifying a focus on USDT-based triggers.


📝  Final Thoughts 

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️