Tin tức Phân tích AI Leader NEAR Cools Down - Growth Incoming?

AI Leader NEAR Cools Down - Growth Incoming?

May 27, 2024 Phân tích
BITmarkets | AI Leader NEAR Cools Down - Growth Incoming?

Doubling in price since the beginning of 2024, NEAR has recently undergone a minor price correction. Is this the calm before the storm for the AI pioneer?

Daily time frame analysis

NEAR1

NEARUSDT - 1 Day Time Frame

As the largest AI coin by market capitalization, NEAR quickly recovered from mass selling and liquidations triggered by war-related fear, uncertainty, and doubt (FUD). NEAR boasts a remarkable chart, considered the best in its category.

The blue range indicates previous support that has been tested twice for demand after failing to maintain levels above a crucial pivot, which should now act as support.

Should the pivot fail to hold—perhaps due to Bitcoin not breaking out and a lack of market euphoria—strong support is expected to form around the blue range. Revisiting FUD-induced lows may not be productive for entry strategies.

Hourly time frame insights

NEAR2

NEARUSDT - 1 Hour Time Frame

From a trading perspective, the blue line, which represents the Fixed Range Volume Profile, currently serves as resistance, and a retrace to the blue range is possible. The price of $7.7 has acted as low timeframe support on three occasions (at the top of the blue range).

The price revisited the pivot after rallying due to a second extended thrust, a point it hasn't returned to, where traders entered the market hoping NEAR would break the local high. This activity typically doesn’t favor the market, leading to lost volatility, but the revisit to the pivot restored it.

When to buy NEAR?

The future movement of NEAR will depend on overall market conditions. Extended consolidation might pull the price back to the pivot, whereas a solid entry might be found above the blue line.

If Bitcoin breaks out, the observable low timeframe high may no longer act as resistance, potentially propelling NEAR towards the local high and leaving a gap.

NEAR’s position and prospects

NEAR, a genuine blockchain and one of the few AI projects with practical applications. has a promising future. It could potentially reach new all-time highs in the coming months. Historically, NEAR's growth has been gradual.

However, projects like Akash, which demonstrate real-world utility, are likely to draw investors to slower AI projects. When investors and traders notice NEAR's robust, healthy accumulation pattern marked by Higher Highs (HH) and Higher Lows (HL), they are likely to drive the price higher.

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