NEAR breaks out of support - Surfing opportunity or a bull trap?
Current price: $2.69
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1. Multi-timeframe technical analysis
• M15: NEAR has just broken through the short-term downtrend channel. RSI bounces off the oversold zone, a clear technical recovery signal.
• H1: A double bottom pattern forms around the $2.60 area. If it surpasses $2.73, it will confirm a short-term reversal.
• H4: Price maintains above EMA20, no significant selling pressure yet. Expectation of continued accumulation before breakout.
• D1: The main trend remains bullish, as long as NEAR holds the $2.60–2.63 zone.
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2. Futures trading strategy
Short-term Long scenario:
• Entry: $2.66–2.69
• SL: $2.58
• TP1: $2.78
• TP2: $2.85
Reason: NEAR reacts well to technical support, with a slight increase in volume when surpassing the resistance area of $2.70.
Short scenario if it fails:
• Entry: $2.59
• SL: $2.69
• TP: $2.48
Note: Only Short if NEAR breaks below the $2.60 area and closes the H1 candle under support.
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Overall assessment:
NEAR has the opportunity to rise further if it holds above $2.65. However, caution is needed for false breakouts - prioritize quick surfing, taking partial profits.
: $NEAR
