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Near Protocol: Bullish Breakout or Bearish Signal? Near Protocol: Bullish Breakout or Bearish Signal? A Potential 37% Downturn Near Protocol (NEAR) has been a beacon of relative stability in the volatile cryptocurrency market of 2024. While other altcoins have plunged, NEAR has managed to hold its ground. However, a recent price movement has some analysts sounding the alarm, suggesting a potential 37% crash on the horizon. Wedge Pattern and the Analyst's Call In early May, NEAR formed a technical chart pattern known as a "wedge." This pattern is characterized by price fluctuations confined within a narrowing range, with trendlines converging towards a point. While breakouts from wedges can signal either bullish or bearish continuations, the specific characteristics of NEAR's breakout have a crypto analyst predicting a significant downturn. The analyst argues that the way NEAR broke out of the wedge is a bearish indicator. They believe the price may experience a period of consolidation around its current level ($7.30 as of May 31, 2024) before an "impulsive" downward movement. This movement could initially see the price drop by 8% to $6.78, followed by further declines to $6.00 and a potential bottom around $4.60. If this scenario plays out, NEAR would experience a total decline of 37%. Metrics Supporting the Downturn Theory The analyst's prediction finds some support in recent developments surrounding NEAR's market metrics. After a strong start to 2024, NEAR has seen a decline in price over the past month. This price drop coincides with a notable decrease in daily trading volume, suggesting a potential weakening of investor interest. While NEAR has outperformed many other altcoins, the overall bearish sentiment in the cryptocurrency market could also play a role in its future price movement. A broader market downturn could drag NEAR down even if its project fundamentals remain strong. Understanding Wedge Patterns and Analyst Predictions It's important to remember that technical analysis, including wedge patterns, is not an exact science. Past performance is not always indicative of future results. While the analyst's prediction offers a bearish perspective, it's just one voice in a crowded space. Here are some additional factors to consider: • Positive News and Developments: News about partnerships, project developments, or upcoming upgrades could trigger renewed investor interest and push the price upwards. • Market Sentiment Shift: A broader shift in market sentiment towards optimism could buoy NEAR's price regardless of the technical indicators. • Unforeseen Events: Unexpected events, both positive and negative, can significantly impact the cryptocurrency market. Investor Takeaway: Research and Diversification The potential for a 37% decline in NEAR price should be a wake-up call for investors. It underscores the inherent volatility of the cryptocurrency market. Investors should thoroughly research NEAR's project fundamentals, roadmap, and broader market outlook before making any investment decisions. Diversification is also crucial. Spreading investments across various cryptocurrencies and asset classes can help mitigate risk. Conclusion Near Protocol's recent breakout from a wedge pattern has sparked debate among analysts. While some see a potential 37% crash on the horizon, others remain cautiously optimistic. Ultimately, the future price movement of NEAR will depend on a combination of technical factors, project developments, and broader market sentiment. Investors should carefully consider all available information before entering or exiting any NEAR positions.
Short
by bryandowningqln
1
Ondo Ready For $3 Price Action The main trend shows a significant rise from a low of around $0.35 to reach over $1.20, with the price currently hovering around $1.24. The next major resistance based on the Fibonacci Extension is around $1.95 (1.618) and $2.80 (2.618). The price formed an ascending triangle pattern before breaking out upwards, indicating bullish strength. The pattern is supported by the dynamic support line of the trendline and breakout at around $1.23. Indicator - The price is above the 21 EMA, indicating strong short-term bullish momentum. The 21 EMA also acts as additional dynamic support, currently located around $1.05. - Stochastic RSI is at a medium level, neither overbought nor oversold, which indicates that there is still room for further increases before a potential correction. Price Target Using Fibonacci Extension, the next upside targets are at level 1,618 (around $1.95) and level 2,618 (around $2.80). These targets are based on previous movements measured from the last breakout of ascending triangle. Overall market sentiment is bullish with prices consistently making higher highs and higher lows, indicating investor confidence in price moves higher. In conclusion, the Ondo chart shows strong bullish potential.
Long
by CryptoWizard_
1
Notcoin(NOT) is Ready for another PUMP===>>+30%+40%Notcoin(NOT) has increased by more than +120% in the last five days. One of the main reasons for this increase is that the Notcoin(NOT) team announced its new AirDrop and new ways for game users to earn money, which led to investors' interest in the token once again. In terms of technical analysis , with the help of the Rounding Bottom Pattern . According to Elliott's wave theory , Notcoin(NOT) seems to have completed wave 3 and is currently completing wave 4 . If the one-hour candle closes above $0.009136 , we can confirm the end of wave 4 . I expect Notcoin(NOT) to rise to the Potential Reversal Zone(PRZ) after wave 4 is completed. Note: An important point you should always remember is capital management and lack of greed. Notcoin(NOT) Analyze (NOTUSDT), 1-hour time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Long
by pejman_zwin
15
Solana's Phantom Wallet Introduced Bitcoin Ordinals integrationSolana ( CRYPTOCAP:SOL ), the popular cryptocurrency, has been regaining attention as it hosts Bitcoin Ordinals on its associated Phantom Wallet. The platform has announced that Bitcoin support is now out of beta and available to everyone, eliminating the need for users to rely on centralized exchanges or unfamiliar wallets for collecting Ordinals. The team of developers at Phantom has dedicated themselves to enhancing the Bitcoin experience since its beta debut in December 2023. Users can now buy and sell Ordinals and BRC-20s through various apps such as Magic Eden, Atlas 3, Ordinals Wallet, UniSat, BeFi Labs, Matrica Labs, Ordiswap, Hello, and Gamma. Solana's low cost and high-speed network attracts users due to its low cost and high-speed network. PayPal recently expanded its stablecoin, PYUSD, to the Solana ( CRYPTOCAP:SOL ) network, marking a significant leap in expansion for the online payment platform. The Phantom Wallet offers comprehensive crypto management, including recursive inscriptions and ledger compatibility. Users can securely manage their Bitcoin, Ordinals, and BRC-20s in one account through the mobile app and browser extension. The Collectibles tab allows users to discover and manage rare sats, check total sat amounts, and view "satributes" for each UTXO. Additionally, Phantom offers simple address management, enabling Native Segwit, Taproot, or both. This comeback simplifies the process of transferring and buying Bitcoin instantly, offering a comprehensive and streamlined experience for all crypto needs. Solana ( CRYPTOCAP:SOL ) has manage to regain the $170 pivot again validating its position as the third to Ethereum ( CRYPTOCAP:ETH ). The Altcoin has a Relative Strength Index (RSI) of 55.62 which is primed for a trend reversal. In the short term, Solana's ( CRYPTOCAP:SOL ) daily price chart shows a rising trend pattern from an initial falling wedge pattern.
COINBASE:SOLUSD
by DEXWireNews
1
BTC - 4H another fall for nowThese are important zones and trendlines on the BTC chart. Bitcoin is currently within an ascending channel and is moving towards the bottom of this channel. The Liquidation Heatmap chart highlights a significant liquidity zone just below the $65910 level. BTC is likely to target this liquidity, potentially driving the price downward to capture this value. This movement aligns with the ongoing trend within the channel. There is a crucial support spot at the bottom of the channel, just beneath the identified liquidity zone. This support level is expected to provide significant buying interest, potentially stabilizing the price and preventing further decline. Traders should watch this area closely, as it could be a pivotal point for BTC, either halting the current downtrend or providing a bounce-back opportunity within the ascending channel.
COINBASE:BTCUSDShort
by Sober_Trading
Decentraland a.k.a. MANAUSD May Have Formed A Bullish SetupDecentraland with ticker MANAUSD may have formed a nice textbook bullish setup formation. We see a five-wave rally into wave A/1 from the lows, followed by an a-b-c correction in wave B/2 right into the former wave "iv" and 61,8% Fibo. support area. So, it can lift the price higher within wave C or 3 towards 1.0 area for wave C or maybe even higher for wave 3. We can actually already see it breaking above channel resistance line, but to confirm that wave C or 3 is in play, we need to see a recovery back above 0.55 region.
BINANCE:MANAUSDLong
by ew-forecast
ETHEREUM / DXY chart is telling us something.That we can expect new High's on this ratio But not to expect the kind of run that ETH experienced last cycle obviously . Going from $88 to near 5K was a barn stormer of a Bull run a 50X !!! If this continuation head and shoulder plays out The linear projection would give us a 7.5X Whilst the log target suggests 18x A match for what #BTC did last cycle ... interesting right. Thisis still impressive for a mature network and should provide plenty of fuel for the #altcoins
COINBASE:ETHUSDLong
by BallaJi
3
GALA - Easy 250%? Hi, this is my new update for GALA. After 50 days of consolidation we are getting ready to break the trendline and move much higher. We have big resistances (50&100 SMA, trendline) around 0.045 - 0.051$ and already we have tested those areas 3 times. I expect this time we are going to takeoff and break those levels. After breaking the trendline the short-term targets (blue circles) are 0.070 and 0.085. Main target for next couple of weeks for GALA is up 250% from current level to 0.160 - 0.180$. Be ready guys!
Long
by GOAT1375
CKBUSDT - 4H Bullish trendThe CKBUSDT 4-hour chart indicates a significant breakout above a long-term descending trendline, suggesting a potential bullish reversal. The price action has successfully breached this resistance, signaling a shift in market sentiment from bearish to bullish. This breakout is accompanied by increased volume, which adds credibility to the upward movement. Additionally, there is a support zone highlighted in green that has held firm, providing a strong base for the recent upward momentum. If the price continues to hold above the trendline, we can expect further gains, with the next target potentially being the $0.026 level. Traders should monitor this breakout for sustained buying pressure and consider long positions while keeping an eye on the support zone for any potential pullbacks.
Long
by Sober_Trading
Altcoins Pre Rally- Ok here i will try to explain altcoins markets possible movements before the real bullrun. - so i called it " Pre Rally ". - why i always use Cardano as exemple ? - Because Cardano is older than other altcoins projects and have liquidity. - Why i don't use Ethereum ? - Because ETH is stronger than regulars altcoins ( i don't consider it as altcoin ) --------------------------------------------------------------------------------------------- - what is important to look at in this chart : --------------------------------------------------------------------------------------------- - Bottoms ( 0% Fibo ) - impulsive first extension ( 261.8% Fibo - Green Rectangles) - retracements ( 161.8% Fibo - Red Rectangles ) - Rejections ( Red Bubbles ) --------------------------------------------------------------------------------------------- - i will post in comments some others projects and you will get it fast. - Feel free to add your favorite project in comments and i will update the comments sections. - Don't ask if project is too young. - Numbers are not rally hazardous when you use Fibo the good way. - Don't forget Trading is analyzing the past and try to get the future. Happy Tr4Ding !
KRAKEN:ADAUSD
by thecryer
15
JASMY - Very Strong Hi, This is my new update for Jasmy. One of the strongest coins in this correction from mars is Jasmy, it has only fallen 40% and now it is only down 20% from the top on mars 4th. Right now we are in descending triangle pattern and we are pressing to break the trendline. We have a major resistance around 0.025-0.027 and I expect once we break the trendline and the resistance, we are going to takeoff +140% to 0.050. It is also normal if we visit the support level 0.015 again, but if we break the 0.015, things will get very ugly, but as long as we hold the 0.015, I expect the next stop for Jasmy is around 0.050. Good news is that we are above the 50D and 100D moving averages. The RSI has broken the trendline and the MACD is ready to get bullish momentum.
COINBASE:JASMYUSDLong
by GOAT1375
🚧Solana is Ready for Correction🚧🔄This post is in line with the "🗺️ Solana Roadmap 🗺️" post that I shared with you a few days ago( in a daily time frame ). ⏰In this post, we go to the lower time frame to check the Solana(SOL) . 🏃‍♂️ Solana(SOL) is moving near the Resistance lines and 🟡 Potential Reversal Zone(PRZ) 🟡 in the 4-hour time frame . 🌊According to the theory of Elliott waves , Solana(SOL) seems to have succeeded in completing microwave 5 of the main wave C . ( If the Uptrend line breaks, we can confirm the end of the main wave C. ). 🔔I expect Solana(SOL) to go down to at least the Support line after breaking the Uptrend line . ❗️⚠️Note⚠️❗️: An important point you should always remember is capital management and lack of greed. Solana Analyze ( SOLUSDT ), 4-hour time frame ⏰. Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Short
by pejman_zwin
10
TOTAL2 (Crypto Alt) will go +800% in 12 MonthsFrom Dec 2016, TOTAL2 increased +94,000% for 12 months. From Nov 2020, TOTAL2 increased +1,180% for 12 months. From June 2024, TOTAL2 will increase ____% for 12 months? BTC expected to go +200% within 2024. BTC.D expected to drop within 2024. = Alt market expected to go more than +200% within 2024 (I am expecting about +300% in 2024) In 12 months total, I am expecting TOTAL2 to go +800% within 12 months. Let's see whether history will repeat itself
CRYPTOCAP:TOTAL2Long
by leevolution