- NEAR has faced a 9% decline this past week, contributing to a total 30-day drop of 15%, amid broader market gains.
- Currently priced at $3.92, the token shows a potential bullish cup-and-handle pattern, indicating possible price targets of $6.14 to $20.00.
- The token’s recovery hinges on Bitcoin’s performance, with upward momentum in BTC likely to benefit NEAR and other altcoins.
NEAR Protocol (NEAR) has faced turbulence despite the broader cryptocurrency market’s bullish momentum. The token has struggled to keep pace, recording a decline that has raised concerns among its community and investors. Over the past week, its value has dropped by nearly 9%, while the 30-day outlook shows a more significant 15% decrease.
However, there are signs of a potential reversal. NEAR is currently forming a bullish pattern, indicating the possibility of an upward movement. If this pattern holds, the token could shift from its recent downward trend and begin to recover. The overall market sentiment plays a critical role here, particularly the performance of Bitcoin (BTC). With Bitcoin holding key support levels, any substantial surge in BTC could boost altcoins.
As of now, the token is trading at $3.92, supported by a 24-hour trading volume of $423.62 million and a market capitalization of $4.76 billion, giving it a market dominance of 0.20%. The past 24 hours have seen the token dip by 2.31%, adding to its recent challenges.
The next phase for the token hinges on Bitcoin’s performance and the broader market dynamics. Should BTC sustain its upward momentum, NEAR and other altcoins may capitalize on the shift, potentially regaining lost value and reinforcing investor confidence
Cup-and-Handle Hints at NEAR’s Upward Momentum
From a technical standpoint, the token appears to be setting the stage for an intriguing shift in its market trajectory. During the weekly timeframe, NEAR forms a classic cup-and-handle pattern, often viewed as a bullish indicator that hints at the end of an accumulation phase. This formation typically points to a period of consolidation followed by a breakout, signaling potential upward momentum.
The cup-and-handle pattern is known for its reliability in predicting upward trends after a prolonged base-building phase. If this pattern is complete, the token could see targets of $6.14, $8.20, $12.00, and potentially $20.00 as it moves through the handle formation and eventually breaks through the neckline. The handle’s development is a critical stage that often tests market sentiment before the anticipated breakout occurs.
If the broader market conditions align, especially with Bitcoin’s continued support, the token could leverage this technical pattern to kickstart a robust recovery and achieve these price targets.
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