NEAR’s Price May Just Have Found the Bottom – The Chart is Talking!

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Dearest readers, let us delight in the curious case of NEAR, which, after suffering through weeks of harsh and unforgiving market whims, appears to be cautiously approaching a potential reversal. A most intriguing falling wedge formation on the daily timeframe, paired with a rather forlorn RSI divergence, gives rise to hopes of a bullish recovery, with an eye toward the elusive $4.66 resistance zone. One must wonder, could this be the moment of salvation for NEAR, or merely another fleeting illusion? 🙄

NEAR (ah, our dear NEAR) has endured an arduous descent, filled with nothing but relentless selling pressure and ever-deepening lows, a situation that could make even the bravest of traders lose their composure. Yet, as the price action begins to compress into the gentle embrace of a falling wedge, a signal of strength and change may indeed be on the horizon. Could this formation, dear friends, be the herald of a shift in fortune? A rallying cry for NEAR to rise again from its own ashes? Only time shall tell. ⏳

Key points, if I may draw your attention to them

  • NEAR is forming a bullish falling wedge pattern, a true beacon of hope on the daily chart
  • Oversold conditions and RSI divergence suggest that even the bears are growing tired – how quaint!
  • Our noble $1.48 support and the lofty $4.66 resistance are the levels to watch with bated breath

One must admit, NEAR’s price action has been languishing in a charming falling wedge, a formation known for heralding strong upward moves. With selling pressure easing (how kind of it), and price tightening ever so delicately within the wedge, a breakout now seems more a matter of “when” than “if.” Traders of keen disposition will surely view this as an opportunity to catch an early reversal – as long as, of course, volume confirms this change. A bit of proof never hurt anyone! 📈

In another fascinating development, NEAR’s daily RSI has plunged into the abyss of oversold territory, a place where bottoms of the short- to mid-term variety have historically been found. Even more delightful, dear reader, the RSI is showing higher lows while the price continues to set new, local lows. This, my friends, is known as a bullish divergence, a delightful signal that the bears may have overplayed their hand. We may soon see a sharp reversal, and perhaps, just perhaps, a move toward brighter days. 🐻💔➡️🐂

Let us not forget the ever-important $1.48 level, which remains a crucial support zone. If NEAR should happen to test this level, and if it dares to hold, it might just serve as the springboard for a most glorious breakout. But, should the breakout occur with the right volume, we might soon find ourselves staring at the majestic $4.66 resistance, a level that has historical significance and aligns with previous structure. Ah, the drama! Such inefficiencies from the past may finally be filled. ⏩

What to expect, in all its glory, from the coming price action

If NEAR can remain above or rebound off the $1.48 support and break through the wedge’s resistance with the requisite conviction, we may well witness a bullish expansion toward that elusive $4.66 target. Yet, should the support fail to hold, we may need to wait a little longer for the move. But fear not! The setup suggests that NEAR is entering a zone brimming with high potential for a major reversal. Oh, the excitement of it all! 🤑

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2025-04-17 22:57