NEAR Poised For Surge To $2.40 As Bullish Pattern Forms

Prominent crypto analyst Ali Martinez has shared a bullish prediction on the NEAR market suggesting a potential 15% gain is on the horizon. Amidst a major downtrend, Martinez’s latest forecast reveals the altcoin could soon see a significant market rebound.

In an X post on April 11, Ali Martinez shows a technical analysis of the NEAR 3-day chart revealing the formation of an inverse head-and-shoulders pattern which signals a potential price upswing. In financial markets, the inverse head-and-shoulders pattern is a bullish formation that often acts as a reliable indicator of a trend reversal.

As the name implies, it consists of three troughs in the form of the left shoulder, the deeper “head”, and the right shoulder as evidenced by the price action between April 7 and April 11 on the NEAR chart. Notably, a descending neckline connects the highs between these troughs and serves as a key resistance level.

According to Ali Martinez, NEAR is gradually approaching this neckline, a decisive breakout above which would confirm the bullish reversal and initiate a price rally toward  2.40. Interestingly, NEAR’s relative strength index on its daily chart has recently left the oversold zone backing Martinez’s prediction of an impending price reversal. However, market bulls should still expect to face some resistance at the 1.000 and 1.272 Fibonacci extension levels at $2.10 and $2.34. 

On the other hand, if the NEAR bulls fail to break above the descending neckline, it could invalidate the current bullish setup and potentially force a price fall to support levels around the $1.96 and $1.82 price zones.

At the time of writing, NEAR is trading at $2.09 following a price gain of 4.34% in the past day. On larger time frames, the altcoin is down by 16.12% on the weekly chart and 17.58% on the monthly chart showing short-term investors are holding significant losses. 

According to data from CoinCodex, the general sentiment in the NEAR market remains highly bearish. Meanwhile, the Fear & Greed Index stands at 25 reflecting an Extreme Fear among investors. Contrary to Martinez’s positive predictions, these analysts predict NEAR to maintain its current downtrend in the short term with predictions of $2.07 in five days and $1.90 in a month.

In the long term, Coincodex still maintains a bearish outlook on the NEAR market projecting a market price of $1.58 in three months i.e. a potential 24% decline from current market prices.