NEAR Eyes Breakout as Key Resistance is Tested
Key Takeaways
Near Protocol (NEAR) is currently testing a critical resistance level. The price is moving within a falling wedge pattern, indicating a potential price movement. While technical indicators suggest a bullish trend, social interest remains low. The next few days could be crucial for the future price direction.
Will NEAR Break the Resistance?
NEAR is currently trading at $3.25, having gained 5.03% in the last 24 hours. The price is approaching the upper trendline of the falling wedge, with a key resistance level at $3.55. If a breakout occurs, the next price target could be $4.00.
However, if NEAR fails to break above the resistance, a correction towards the support zone at $2.97 could follow. A failure at resistance could also trigger a consolidation phase or even a decline.
Low Social Interest Could Limit Momentum
Despite the recent price increase, social interest in NEAR remains low. The Social Volume is currently at just 1, while Social Dominance stands at only 0.024655%. These figures suggest that NEAR is not currently in the spotlight for a broad investor audience.
Low social engagement can lead to limited buying interest. Without stronger market attention, a potential breakout could lose momentum.
Open Interest and Liquidations: Is a Volatile Phase Ahead?
Open Interest – a measure of the total capital locked in futures contracts – has increased by 0.23% and currently stands at $151 million. This indicates that traders are preparing for potential price movements.
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Liquidation data shows a balanced ratio between long and short positions. A breakout above resistance could trigger a wave of liquidations, further driving the price up. Similarly, a drop below support could lead to increased selling pressure.
Our Assessment
Near Protocol is at a critical juncture. Technical analysis points to a possible breakout, but low social interest could limit momentum. If NEAR breaks the resistance at $3.55, a rise to $4.00 could follow. Otherwise, a correction towards $2.97 is possible.
The coming days will be crucial. Increasing trading volume and greater market attention could further boost the price. Otherwise, the risk of sideways movement or a decline remains.
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