NEAR Protocol is gaining attention again as its price rises by double digits, but the upward momentum is not yet fully confirmed.
The resistance level of the ascending triangle pattern and the liquidation clusters above the price are the two main factors determining whether NEAR will continue its breakout or be pulled back before achieving a sustainable upward trend.
- NEAR is trading within an ascending triangle pattern but has not yet broken through the resistance zone.
- Technical indicators and liquidation data still lean towards an upward scenario, although not a very strong one yet.
- If the breakout is successful, the price could head towards the $1.70 to $1.80 range; otherwise, there is still a risk of a correction.
NEAR's price pattern has yet to show a clear breakout signal.
NEAR is currently in an ascending triangle pattern, but the price has yet to break through the upper resistance zone. Therefore, an upward scenario remains, but it has not been fully confirmed.
In previous instances, this supply zone has pulled the price down by nearly 25% to the support zone of the pattern. If history repeats itself, NEAR could retreat before forming a more sustainable uptrend.
Technical indicators still point towards an upward trend.
Early technical signals suggest that buyers still hold the advantage. The Aroon indicator currently reflects positive momentum, although it is not yet in a breakout phase.
The Aroon Up line is at 92.85% while the Aroon Down line is at 78.57%. The gap between the two lines isn't too wide, so an uptrend still exists, but it hasn't reached a clearly dominant level yet.
In addition, investor accumulation remains strong, albeit relatively sideways over the last 24 hours. If accumulation improves, the likelihood of NEAR extending its upward trend will increase.
Liquidation and liquidation are supporting an upward scenario.
The liquidation map shows that large clusters of liquidation remain above the current price, extending to the $1.60 region. This could be a factor driving the price up if buying pressure continues.
However, downside risk has not disappeared as there are still clusters of liquidation at the bottom. If the overall market weakens, NEAR could be pulled down before a new upward move.
If the supply zone is broken, the price could expand by approximately 14% to $1.70. In a stronger scenario, NEAR could advance to $1.80, representing a potential increase of 24%.
Summary
NEAR still leans toward an upward scenario, but the failure to break through the resistance zone and the presence of two-way liquidation mean this trend is not yet firmly confirmed.
