⏳📈 "NEAR Coin Analysis: Weekly Resistance Break?" 📊📝💹 Let's dive into this cryptocurrency and update our previous analysis, while also checking for new triggers.
📝 In the weekly timeframe, this coin, unlike most in the current market, has broken its weekly box and is continuing a strong upward trend.
🛡️ Every time there is a correction, the volume decreases, and as the upward trend continues, the volume increases. From the support floor until now, it has provided about 700% profit and has reached a significant resistance that has existed in the past and also served as a reversal point in the last few weeks.
📊 Additionally, the RSI in the weekly timeframe, after breaking 68.48 and entering overbought territory, can lead to a price increase. Our main overbought point is 71.06. Note that I use this oscillator in the direction of the trend, meaning if the trend is downward, entering overbought territory doesn't matter to me.
🔄 Before moving to a lower timeframe, let's review our previous analysis of this coin. In the previous analysis, it was mentioned that after breaking the descending continuation trend line, we could open a long position. However, the reality was a sharp movement that wasn't suitable for positioning. After hitting the resistance and due to market events including corrections and a brief conflict between Iran and Israel, the price dropped.
⏳ In the four-hour timeframe, after a correction, we are moving towards the weekly resistance but not seeing significant volume or money entering this coin. On the other hand, we have a daily trend line which is an ascending and retracement type.
💪 Regarding trend lines, we have two types: continuation and retracement. Continuation trend lines are in the direction of the trend and after breaking, we move in the main trend direction, while retracement trend lines are against the trend and cause a trend reversal.
🔍 When examining this trend line, it is clear that it is weakening because each time it is touched, the price moves less upwards. The first time it moved 30%, the second time 22%, and this time, if rejected by the 8.351 resistance, it will be even less, clearly indicating the weakening of the trend line.
📚 Also, in the daily timeframe, we have a rising wedge, but to avoid bias, I won't draw the upper line and instead focus on opening a long position after breaking the 8.351 resistance since the lower line provides the position for us.
📉 For a short position, after breaking this trend line and increasing volume, we can open our short position by breaking the four-hour support at 7.639, but we can place a risky stop-loss because if we hit the stop-loss, we can open the long position at 8.351.
📈 For a long position, after breaking 8.351 with increased volume and candle confirmation, we will open our long position in the direction of the trend. Also, since we are breaking the weekly resistance, we might experience volatility, so don't place risky stop-losses.
🌐 You can buy this coin after the weekly candlestick closes above the resistance at 8.258 with substantial volume. You can consider buying it with a stop loss at 5.348. I already hold this coin, so I'm currently waiting. But I suggest you review the project.
🔗 Our upcoming supports are 6.645, 5.781, and 5.051, while the upcoming resistances are 9.39, 10.317, and 12.985.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
