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Is Near Protocol Poised for One Last Pump Before a Major Correction?

NEAR Protocol: One Last PUMP Coming?
NEAR Protocol: One Last PUMP Coming?

Introduction

In this comprehensive analysis, Cheeky Crypto’s Nick delves into the recent price action of Near Protocol (NEAR) and explore the potential for a final surge before a deeper correction. Nick will examine technical indicators, market sentiment, and long-term prospects to provide a holistic view of NEAR’s trajectory.

Near Protocol Price Analysis

NEAR has exhibited a roller coaster ride over the past few months, with notable rejection from its $22.5 resistance level. Despite this bearish sentiment, NEAR still maintains a bullish structure according to smart money concepts.

Possible Future Movements

Nick suggests a potential zigzag pattern to the downside, with a minimum expectation of reaching $163.5. An alternative scenario could involve a double bottom around $172.5 or a rally above $196.7, negating further downside potential.

Technical Analysis

The daily chart indicates a potential diagonal pattern, with a target range between $231 and $22.88. A golden cross formation is also expected on the daily timeframe in the coming days. Smart money concepts continue to show a bullish structure, emphasizing the need to stay above the B wave.

Market Outlook

Weekly analysis reveals a bearish pattern with resistance at the 50 EMA and support at the 50 SMA. While a deeper correction towards $39.2 to $57.8 is a possibility, it’s not considered likely due to anticipated buying pressure. A breakout above $284.5 would be crucial for confirming the end of the bearish trend.

Long-Term Outlook

Despite potential short-term challenges, the overall sentiment remains positive, with NEAR expected to perform well in the next bullish market. Nick maintains confidence in the project.

Conclusion

NEAR presents a compelling investment opportunity, offering the potential for significant gains in the long term. While short-term fluctuations are inevitable, NEAR’s underlying fundamentals and strong community support suggest a promising future.

Additional Insights

Call to Action

Nick encourages you to conduct your own research and make informed investment decisions. Stay up-to-date with the latest NEAR developments by following Cheeky Crypto and joining the Discord community.

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