NEAR - Primed for Action: Long Setup to $6 
2024-12-22
Category: None

NEAR experienced a strong bounce after a significant sell off. The price has now retraced into the golden pocket zone (0.618–0.666 Fibonacci retracement) and appears to be accumulating within this range atm.

 Key Observations and Trade Setups: 

 Accumulation at Golden Pocket: 
The formation of a trading range in this area indicates that buyers are stepping in.
Once volume begins to pick up, it could signal the start of an upward move.

 Upside Target: 
Using the Trend-Based Fibonacci Extension, we project a 1:1 target around $6, which coincides with a key resistance level and another golden pocket zone.
This provides a potential gain of +22% for the long trade over the coming days.

 Short Opportunity at Resistance: 
The $6 level represents a strong confluence of Fibonacci and resistance, offering an excellent shorting opportunity if the price gets rejected there.

 Trade Plan: 

Long Setup:
Entry: Current accumulation zone around $5, also a key level to watch
Target: $6 possible +22% gain
Stop Loss: Below $4.50 to manage risk

Short Setup:
Entry: Around $6, once rejection is confirmed
Target: Depending on confirmation, potentially back to the golden pocket zone