NEAR’s Path to $5.8: Analyzing Altcoin Breakout Potential

NEAR has recently formed a symmetrical triangle pattern, and an upward breakout could drive its price towards $5.8
The current market sentiment is predominantly bullish, with most traders expressing optimism

Despite its recent positive trend, NEAR’s price action has been relatively constrained. It reported minor gains of only 0.14% in the last 24 hours and a slight rise of 0.36% over the past week.

This phase is characterized as consolidation, suggesting that traders might be accumulating NEAR in expectation of a significant price movement. In light of this, AMBCrypto conducted an in-depth analysis of NEAR’s possible future movements.

Key support level for NEAR’s anticipated price shift

Currently, NEAR is trading within a symmetrical triangle – a formation created by converging support and resistance levels. This pattern indicates a consolidation phase where buyers are gradually building their positions.

If this pattern breaks upward, NEAR may potentially reach the peak target of $5.871. However, before this upward trajectory, NEAR is likely to test the critical $4.604 support level, which will influence subsequent moves.

Should the support at $4.604 fail to maintain, NEAR could face a deeper decline, plunging below this pattern’s support line to a local support level of $4.248.

Source: Trading View

Indicators show strong buying interest for NEAR

The Parabolic SAR (Stop and Reverse) and the Relative Strength Index (RSI) both indicate that NEAR may be ready for a bullish move.

The Parabolic SAR, with its dotted indicators below NEAR’s current price, signals sustained buying momentum and an upward trend. If these markers continue to appear and increase in sequence, it will likely validate NEAR’s ongoing bullish momentum.

Although the RSI is trending downward, it remains bullish. It is set to test the supporting trend line that has been propelling it forward, with NEAR’s price moving in sync.

Source: Trading View

This temporary dip in the RSI could lead to a price drop towards the support level of $4.604. Following this, NEAR is anticipated to rebound and continue its upward trend.

Substantial liquidity shifts are advantageous for NEAR

Recent data from Coinglass indicates that NEAR has seen considerable outflows across exchanges.

In the last week, NEAR recorded net outflows of $1.62 million, reinforcing a bullish outlook as investors transferred assets away from exchanges. Notably, this trend often reflects accumulation and long-term holding behaviors.