NEAR Altcoin Poised for 15% Gain as Bullish Pattern Emerges

NEAR, a prominent altcoin, is currently poised for a significant price surge, according to a recent analysis by a prominent crypto analyst. The analyst, Ali Martinez, has identified a bullish pattern forming on the NEAR 3-day chart, which suggests a potential 15% gain in the near future. This pattern, known as an inverse head-and-shoulders formation, is a reliable indicator of a trend reversal in financial markets.

The inverse head-and-shoulders pattern consists of three troughs: the left shoulder, the deeper "head," and the right shoulder. These troughs are connected by a descending neckline, which serves as a key resistance level. According to Martinez, NEAR is gradually approaching this neckline, and a decisive breakout above it would confirm the bullish reversal and initiate a price rally toward $2.40. This prediction is further supported by NEAR’s relative strength index, which has recently left the oversold zone, indicating an impending price reversal.

However, market bulls should be prepared to face some resistance at the 1.000 and 1.272 Fibonacci extension levels at $2.10 and $2.34, respectively. If the NEAR bulls fail to break above the descending neckline, it could invalidate the current bullish setup and potentially force a price fall to support levels around the $1.96 and $1.82 price zones.

At the time of writing, NEAR is trading at $2.09, following a price gain of 4.34% in the past day. On larger time frames, the altcoin is down by 16.12% on the weekly chart and 17.58% on the monthly chart, showing that short-term investors are holding significant losses. The general sentiment in the NEAR market remains highly bearish, with the Fear & Greed Index standing at 25, reflecting an Extreme Fear among investors. Contrary to Martinez’s positive predictions, some analysts predict NEAR to maintain its current downtrend in the short term, with predictions of $2.07 in five days and $1.90 in a month. In the long term, the outlook on the NEAR market remains bearish, projecting a market price of $1.58 in three months, a potential 24% decline from current market prices.