As of today, NEAR has been moving sideways for nearly a month. This may frustrate holder friends. However, if we look at it more broadly, the weekly chart shows that NEAR is in the final stage of the accumulation process and will rise in the near future.
- First, let's look at the upward trend from October 2023 to the end of March 2024. This is an upward trend from a bottom area lasting over a year, in which the push waves have gradually increasing volume and the pullback waves have very small volume. This indicates that in this trend, the whales are acting as buyers.
CHoCH (the straight line connecting from BC-AR). This is a weak downward swing, which only reduces by half the magnitude of the previous upward swing. Additionally, it has gradually decreasing volume, and all three of its downward candles have long buying tails. Moreover, the upward swing from AR to ST also has very low volume. Therefore, we can understand that the whales have accumulated from the upward trend, and currently, they are not active.
In phase B, the price continuously tests the bottom area but is not strong enough to break the support line, and the volume in phase B is quite low. This reinforces the hypothesis that the whales are still holding their positions and have not made any profit-taking moves.
Currently, the price is returning to test the support area once again. The correlation between price and volume shows that absorption is happening here, and the candles exhibit characteristics of a potential spring.
Thus, we have ample reason to believe that NEAR is in an accumulation pattern on the weekly timeframe. However, this is a downward slope structure, and the signs in the volume indicate that the supply in phase C is still relatively large, so in the short term, the price may continue to move sideways and will need to test the 2.5 level again before transitioning to phase D - the bullish phase.