Prominent crypto analyst Ali Martinez has shared a bullish prediction on the NEAR market suggesting a potential 15% gain is on the horizon. Amidst a major downtrend, Martinez’s latest forecast reveals the altcoin could soon see a significant market rebound. Related Reading: Is It Time For Altcoin Season? Bitcoin Dominance Rises To Major Rejection Zone Inverse Head-And-Shoulders Pattern Forms As NEAR Prepares For Rally In an X post on April 11, Ali Martinez shows a technical analysis of the NEAR 3-day chart revealing the formation of an inverse head-and-shoulders pattern which signals a potential price upswing. In financial markets, the inverse head-and-shoulders pattern is a bullish formation that often acts as a reliable indicator of a trend reversal. As the name implies, it consists of three troughs in the form of the left shoulder, the deeper “head”, and the right shoulder as evidenced by the price action between April 7 and April 11 on the NEAR chart. Notably, a descending neckline connects the highs between these troughs and serves as a key resistance level. According to Ali Martinez, NEAR is gradually approaching this neckline, a decisive breakout above which would confirm the bullish reversal and initiate a price rally toward 2.40. Interestingly, NEAR’s relative strength index on its daily chart has recently left the oversold zone backing Martinez’s prediction of an impending price reversal. However, market bulls should still expect to face some resistance at the 1.000 and 1.272 Fibonacci extension levels at $2.10 and $2.34. On the other hand, 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. Related Reading: XRP Price Flashes Symmetrical Triangle From 2017, A Repeat Could Send It as Flying To $30 NEAR Price Outlook 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 short-term investors are holding significant losses. According to data from CoinCodex, the general sentiment in the NEAR market remains highly bearish. Meanwhile, the Fear & Greed Index stands at 25 reflecting an Extreme Fear among investors. Contrary to Martinez’s positive predictions, these 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, Coincodex still maintains a bearish outlook on the NEAR market projecting a market price of $1.58 in three months i.e. a potential 24% decline from current market prices. Featured image from Pintu, chart from Tradingview
Near Protocol (NEAR) has registered a significant price loss in the past 24 hours. Following this decline, renowned crypto analyst Ali Martinez has identified certain price levels critical to a potential recovery. Related Reading: Ethereum Indicator Flashes Buy Signal On The Weekly Chart – Potential For A Rebound? NEAR Must Reclaim $3.60 Support Level – Here’s Why According to data from CoinMarketCap, the price of NEAR has dropped by 2.98% in the last day forcing a fall below $3.40. In an X post, Martinez notes this price loss has caused the altcoin to dip below a parallel channel, suggesting bearish tendencies. On trading charts, a parallel channel is formed as the price moves within two parallel trend lines – one acting as resistance and the other acting as support as seen with $8.50 and $3.60, respectively on the NEARUSDT daily chart. When a price breaks out of this parallel channel, it signals a possible trend shift either bullish i.e. upward breakout above the upper boundary (resistance), or bearish i.e. breakout below the lower boundary (support). In the case of NEAR, its price has fallen below the support level signaling a potential downtrend. If this occurs, NEAR could slide as low as $1.5 suggesting a possible 55% on the coin’s current price. To invalidate this bearish postulation, Martinez states it is vital NEAR bulls reclaim and hold the $3.60 as support, building a bullish case for further price appreciation. If this positive scenario develops, Martinez predicts NEAR could reach a price target of $4.50 where some selling pressure may begin to develop. NEAR could also potentially rise to $5.50 which represents the mid-point of the parallel channel and strong psychological resistance level. Interestingly, the Relative Strength Index indicator (RSI) currently at 36.75 aligns with Martinez’s bullish prediction. An RSI at this level, trending in the upward direction, suggests much room for price growth before entering the overbought zone. Related Reading: Analyst Says Bitcoin Is ‘Primed For A Breakout’: Is BTC Heading For $150,000 Rally? NEAR Protocol Launches OmniBridge In other news, the development team behind the NEAR Protocol has unveiled OmniBridge, a cross-chain infrastructure. Among other functions, OmniBridge is designed to enable the seamless integration of NEAR-native assets across several blockchains. At the time of writing, NEAR trades at $3.38 reflecting weekly gains of 2.82% despite its recent dip. However, the coin’s general performance over the past month has been largely bearish with a reported price loss of 35.00%. However, with a market cap of $4.17 billion, NEAR continues to rank in the top 30 largest cryptocurrencies in the world. Featured image from iStock, chart from Tradingview