NEAR is Eying The $10 Mark

Near Protocol (NEAR) is exhibiting bullish behavior since the start of 2024. Its short-lived price corrections haven't impeded its ascendance and the cryptocurrency may be set to capture the $10 price-tag sooner rather than later.

Psychological levels are critical areas where substantial liquidity is generated. Currently, the price has halted at the $9 level and entered a sideways corrective trend, indicative of external and internal buy-side liquidity added by retail traders selling at relatively high prices. Investors should be cautious of this pattern.

Daily time frame analysis

NEARUSDT - 1 Day Time Frame

On the daily timeframe, the price has been maintaining bullish market structures for an extended period. Consequently, resistances formed after higher highs (HH) and subsequent corrections are being breached again.

Selling within bullish structures is risky; therefore, traders should wait for bearish structures to form before considering selling positions.

Additionally, the price has absorbed internal sell-side liquidity and has continued in bullish sub-structures for several weeks.

Two Inversion Fair Value Gaps (IFVG) have recently formed, indicating a disregard for bearish parameters and presenting opportunities for buy positions to sustain the daily market structures.

Key price levels

As mentioned earlier, NEAR is trading below the key psychological levels of $9 and $10. Therefore, buying position targets should align with these levels.

Beyond these primary targets, there is an internal buy-side liquidity area where traders can take partial profits and adjust their stop-loss (SL) orders to minimize risk.

It is essential to remember that nothing is guaranteed in the market. This opportunity could be invalidated, for example, by the closing of bullish Fair Value Gaps, which would signal the possibility of a continued correction.