Altcoin NEAR is forming a triangle pattern. NEAR price consolidated near $5.08. Can it surge towards a higher target between $6 and $7? The latter half of October continues to see the crypto
The latter half of October continues to see the crypto market still working towards a recovery from the latest market correction. At the moment, the price of BTC is trading in the $83,000 price range while ETH traced in the $2,400 price range. Both assets need to surge higher, paving the path to reclaiming higher targets for altcoins as well. In Detail, altcoin NEAR is forming a triangle pattern as price consolidates near $5.08.
According to CoinMarketCap analytics, the price of NEAR is currently trading at $5.2, meaning that the asset is up by over 8.7% in the last 24 hours. In terms of the last 7 days and the last 30 days, the altcoin is up by over 3% and 21%, respectively. What’s more, the asset, at the moment, is well in green and is still climbing towards higher targets, leading analysts to believe that the correction phase for NEAR is over.
https://twitter.com/cryptowithgopal/status/2112513695221682642As we can see from the post above, this analyst says that NEAR is forming a symmetrical triangle pattern. To elaborate, the analyst highlights how the price of NEAR is getting squeezed near $4.66 as lower highs meet rising support. What’s more, the expert goes on to state that a breakout above $4.8 - $5 could shift momentum toward the bulls, with a potential target near $6.60.
The analyst then states that the fact that the triangle is tightening means that volatility is building. Thus, he concludes by saying that bulls need confirmation, and once it gets that it is likely to lead towards an explosive next more. Additionally, the analyst goes on to share in another post that the price of NEAR squeezing between converging support and resistance, with $4.5 - $4.6 acting as a key support zone, can lead to a breakout above $5.50, further opening the possibility to NEAR reclaiming the $7 bull target.
https://twitter.com/MarzellCrypto/status/2112515382061764699Meanwhile, another popular crypto analyst highlights how NEAR has printed three lower highs since Friday and bled almost 10% off yesterday's $5.14 high, right back onto Saturday's $4.62 sweep low. With Friday breaking out of the $4.9 low and reclaiming it on Sunday, it confirmed to be the next resistance. Thus, he concludes that as long as $4.62 holds, $4.90 gets retested. Lose it and $4.53 is the liquidity below.
Considering that the price of NEAR is climbing above $5.2, expectations for the price of NEAR to hit and reclaim higher prices could work towards opening the price of NEAR towards reclaiming higher price targets. If this surge allows for a new resistance level to be reclaimed then it would be likely to see NEAR hold it and surge towards a higher price target between the $6 - $7 price range.
