Drops 7% from initial price of $2.52 to aim for support at $2.16 liquidity area for NEAR cryptocurrency.
RAW REVELATION:
The massively unfucking popular cryptocurrency NEAR, aka "The Internet's endless blockchain," took a diving plunge after it lost its mojo near $2.52 and now hangs down below the crucial short-term zone. The current situation screams weakness, and the goddamn charts are shouting that the $2.16 level could potentially break or hold soon!
Traders already freakin' cashed in on their profits and are now expecting the curve-ball to retest the lower zone around the demand block. In pure terms, NEAR has dropped like a stone by 7.03% from the trade entry, with the present situation pointing towards a possible descent further into the aforementioned lower zone.
As of now, the price is hovering around $2.337, way down from its sexy-high of $2.52!
A goddamn show-stopping breakdown has ensued post the mid-structure shift (MSS), confirming the transition from buy-side liquidity to a feckless sell-side range. That ominous red zone at the top was the bearish order block which played the role of resistance, triggering the rapid tumble. Prognosticated prices plummeting by $0.174 would land us in the damn green demand zone around $2.16, predicted over the course of the next two stinkin' days!
At this crucial juncture, investors are up in arms, questioning if the energy generated by the current trend has any power to reverse course or if further blows are on the horizon.
A Sneak Peek At The Technical Structural Showdown
The 4-hour chart, generously provided by TradingView, unsurprisingly demonstrates a smackdown of a structure breakdown. After a bullish rally from April 21 to April 25, NEAR entered a corner-cutting consolidation phase under $2.60, setting the stage for a bearish order block. The asset didn't have a prayer of breaking through this resistance and began creating lower highs.
A clear-as-a bell MSS (market structure shift) appeared around April 29, screaming loud and clear about a change in direction and the loss of upward strength. The price, without a hint of remorse, strode forward, gobbling up buy-side liquidity before aggressively heading south. This action spells out classic liquidity play, with the price sweeping highs before pulling a quick reversal!
From May 1 onwards, the price sped downwards with a vengeance, confirming the bearish structure, and pointing towards a possible decline to $2.16. That area previously served as support during the rally, and could potentially provide a bounce point!
But, without signs of rock-solid support, further pressure could very well develop! This brings a significant question to mind: can the demand zone near $2.16 provide enough buying interest to halt NEAR's plunge, or is there diving deeper into the abyss waiting in the wings?
The Technical Structural Dance-Off
Volume and candle patterns reveal weakening momentum, with red candles ruling the recent sessions. There's no bloody sign of strong buying absorption yet, and that supports the gloomy outlook. Traders are keenly observing the reaction around the $2.16 zone!
The market is driven by liquidity hunting behavior, aiming to pinch supply and demand on both sides before establishing a clear direction. If the price fails to maintain control above the lower zone, the next potential support could drop below $2.10. With the trend tilting negatively, careful vigilance is essential.
The current 4-hour structure aligns well with broader patterns seen in other altcoins over this timeframe. NEAR's technical breakdown mirrors conditions in correlated markets, further confirming the bearish setup.
From Altcoin To Crypto Market, We’ve Got The Lowdown On NEAR
In a nutcase-but-innovative world where altcoins often dictate the tone for the entire crypto market, NEAR has been flashing warning signs. Its recent plunge could spell trouble for the overall crypto industry as investors remain on edge, anxiously awaiting the coin's next move.
If the demand zone near $2.16 fails to snag enough buying interest to halt the slide, traders are bracing for the possibility of tumbling prices and the potential cascading effect on other altcoins. With NEAR's slide down, the market must decide whether to double down on fear or ride out the storm!
References:
- CryptoVibes
- CoinMarketCap
- CoinCodex
- DigitalCoinPrice
- Long Forecast
- Patel expresses concern about NEAR, the cryptocurrency known as "The Internet's endless blockchain," as its prices have dropped by 7.03%, nowhovering around $2.337, creating a bearish outlook.
- In the altcoin market, NEAR's tumble could have significant implications, potentially causing trouble for the entire crypto industry and prompting investors to stay on edge.
- Traders are scrutinizing the price movements around the $2.16 level, which serves as a potential demand zone and could either halt the plunge or catalyze a further descent, depending on the buying interest generated.
- Technology plays a crucial role in the evolution of cryptocurrencies like NEAR, as traders and investors parse charts, volume, and candle patterns to predict price reversals or continue bearish trends.
- After a brief consolidation phase, NEAR's structure shifted from a bullish to a bearish one, with the asset creating lower highs and following a classic liquidity play, resulting in a precipitous drop to the green demand zone around $2.16, predicted over the next two days.
