Near Protocol (NEAR) cryptocurrency was among the few digital currencies that sustained a big rally while the cryptocurrency market underwent a massive sell-off. In Elliott Wave analysis, the ABC pattern is a 3-wave pattern where wave A and wave C are equal in length.
ABC Pattern From October’s 2020 low through March’s high, NEAR developed its first leg A. The price correction going from March’s high through July’s low represents the second leg B of the 3-wave pattern. Based on the Elliott Wave analysis, the continuation higher within wave C can end anywhere between 100% and 1.272 Fibonacci ratios, which is between $8.84 and $10.83.
On the flip side, a lower correction will find the first level of support at $7.56, followed by the $4.11 level.
RSI Momentum On the RSI oscillator, we have positive momentum readings above the mid-level 50. If we have a lower reaction and the RSI momentum readings remain above the 50 level, the bulls are expected to keep control.
A daily close below the considerable psychological number of $10 can signal that a correction is underway, at least in the short term.