NEAR May Be Poised for a Bullish reversal
NEAR is showing signs of a potential bottom after weeks of heavy selling. A falling wedge pattern on teh daily chart, coupled with extreme oversold conditions and RSI divergence, suggests a possible bullish reversal. The $4.66 resistance zone is the key target.
NEAR has been in a steep downtrend, marked by lower lows. However, recent price action is forming a falling wedge, which often signals a shift in momentum. With support levels approaching and momentum indicators flipping, NEAR may be transitioning from weakness to strength.
- NEAR is forming a bullish falling wedge pattern.
- Oversold conditions and RSI divergence suggest bearish exhaustion.
- $1.48 support and $4.66 resistance are crucial levels.
NEAR’s price is squeezing into a falling wedge, a reliable technical formation that usually leads to a strong upside move. The contracting range suggests selling pressure is slowing. Traders often see these setups as opportunities for early-stage reversals, especially with volume confirmation.
NEAR’s daily RSI has entered deep oversold territory, a key signal for short- to mid-term bottoms.The RSI is printing higher lows while price records new lows. This bullish divergence indicates shifting momentum, frequently enough preceding sharp reversals.
The $1.48 level is a crucial support zone. If price holds this level and breaks above wedge resistance with volume confirmation, it could trigger a bullish expansion toward $4.66. However, failure to hold support could delay the move.The setup suggests NEAR is entering a high-potential zone for a major reversal.
Source: TradingView
