Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice NEAR formed a bearish rising wedge A bullish breakout and intraday close above $1.915 would invalidate the bearish forecast NEAR’s recent rally could run into trouble if bearish sentiment continues to haunt Bitcoin [BTC]. At press […]
In September and October, the price action of NEAR formed a rising wedge. This was followed by a bullish breakout that initiated a short-lived uptrend after the FTX implosion put the brakes on the rally.
After retreating from oversold territory, the RSI was at 40, still just below the neutral level of 50. This indicated that buyers faced strong resistance from sellers despite increasing buying pressure. In addition, the OBV recently reached highs but was moving sideways at press time. This showed that the recent increase in trading volume was about to stagnate, which could undermine high buying pressure.
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