📈Trading Strategy for NEAR : Long and Short Opportunities🪄
🔍Let’s dive into today’s analysis. Bitcoin continues its correction phase from its recent uptrend, and with the weekend ahead, we anticipate the market will remain range-bound. Today, our analysis focuses on NEAR Protocol, one of the top crypto projects ranked 17th in the market. This project serves as infrastructure for other crypto projects and is trusted and utilized by notable teams such as Arbitrum, Polygon, and Eigen Layer, significantly enhancing its market influence.
🧩In higher time frames like the daily and weekly charts, the trend is undeniably bullish. However, on the 4-hour chart, we see a prolonged range box. After a false breakout to the downside, the price regained upward momentum but still lacks the necessary strength to break out of the range box and is currently consolidating at the top. The 25 SMA has approached the price, which could inject new momentum into the market. But since it's Saturday, significant market movement is unlikely. Nevertheless, the arrival of the 25 SMA could trigger another bullish leg.
🎲Currently, the RSI does not provide a clear long trigger. However, if the price breaks above 74.53, and you have an existing position, it is advisable to hold it, as this could lead to a substantial sharp move. A breakout of 8.507, followed by the RSI resistance breakout, might signal the start of the next weekly time frame rally. Therefore, don’t hesitate to hold your position if 8.507 is broken, and don't worry about potential stop-outs. A successful breakout could hit long-term targets, making the risk worthwhile. The targets for a long position could be 10.396 and 13.034.
📉For short triggers, the nearest trigger is 7.837. If the price tests this level and breaks it on a second attempt, I will open a short position and quickly secure profits due to the overall bullish market momentum. The next short trigger comes after breaking the trend and a breakdown below 6.676, where you can open a position targeting the bottom of the range box. An RSI trigger can be identified at 43.87, and a breakdown below this level could confirm the entry of bearish momentum into the market.
📊Regarding volume, it is currently in favor of buyers. The volume has increased with rising prices and decreased during corrections, indicating weak selling pressure.
📝In summary, NEAR Protocol shows strong long-term bullish potential, with key levels to watch for both long and short positions. While the market may remain subdued over the weekend, significant moves could occur with the break of critical levels identified. Proper risk management and attention to volume trends will be essential in navigating these trades successfully.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
🧩In higher time frames like the daily and weekly charts, the trend is undeniably bullish. However, on the 4-hour chart, we see a prolonged range box. After a false breakout to the downside, the price regained upward momentum but still lacks the necessary strength to break out of the range box and is currently consolidating at the top. The 25 SMA has approached the price, which could inject new momentum into the market. But since it's Saturday, significant market movement is unlikely. Nevertheless, the arrival of the 25 SMA could trigger another bullish leg.
🎲Currently, the RSI does not provide a clear long trigger. However, if the price breaks above 74.53, and you have an existing position, it is advisable to hold it, as this could lead to a substantial sharp move. A breakout of 8.507, followed by the RSI resistance breakout, might signal the start of the next weekly time frame rally. Therefore, don’t hesitate to hold your position if 8.507 is broken, and don't worry about potential stop-outs. A successful breakout could hit long-term targets, making the risk worthwhile. The targets for a long position could be 10.396 and 13.034.
📉For short triggers, the nearest trigger is 7.837. If the price tests this level and breaks it on a second attempt, I will open a short position and quickly secure profits due to the overall bullish market momentum. The next short trigger comes after breaking the trend and a breakdown below 6.676, where you can open a position targeting the bottom of the range box. An RSI trigger can be identified at 43.87, and a breakdown below this level could confirm the entry of bearish momentum into the market.
📊Regarding volume, it is currently in favor of buyers. The volume has increased with rising prices and decreased during corrections, indicating weak selling pressure.
📝In summary, NEAR Protocol shows strong long-term bullish potential, with key levels to watch for both long and short positions. While the market may remain subdued over the weekend, significant moves could occur with the break of critical levels identified. Proper risk management and attention to volume trends will be essential in navigating these trades successfully.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
