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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

NEAR Breaks Below Parallel Channel: Key Levels To Watch

Semilore Faleti
Semilore Faleti
3 months ago
2 mins read
NEAR

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Near Protocol (NEAR) has registered a significant price loss in the past 24 hours. Following this decline, renowned crypto analyst Ali Martinez has identified certain price levels critical to a potential recovery.

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3 months ago

NEAR Must Reclaim $3.60 Support Level – Here’s Why

According to data from CoinMarketCap, the price of NEAR has dropped by 2.98% in the last day forcing a fall below $3.40. In an X post, Martinez notes this price loss has caused the altcoin to dip below a parallel channel, suggesting bearish tendencies.

On trading charts, a parallel channel is formed as the price moves within two parallel trend lines – one acting as resistance and the other acting as support as seen with $8.50 and $3.60, respectively on the NEARUSDT daily chart. When a price breaks out of this parallel channel,  it signals a possible trend shift either bullish i.e. upward breakout above the upper boundary (resistance), or bearish i.e. breakout below the lower boundary (support).

 

NEAR
Source: @@ali_charts on X

In the case of NEAR, its price has fallen below the support level signaling a potential downtrend. If this occurs, NEAR could slide as low as $1.5 suggesting a possible 55% on the coin’s current price. To invalidate this bearish postulation, Martinez states it is vital NEAR bulls reclaim and hold the $3.60 as support, building a bullish case for further price appreciation.

If this positive scenario develops, Martinez predicts NEAR could reach a price target of $4.50 where some selling pressure may begin to develop. NEAR could also potentially rise to $5.50 which represents the mid-point of the parallel channel and strong psychological resistance level.

Interestingly, the Relative Strength Index indicator (RSI) currently at 36.75 aligns with Martinez’s bullish prediction. An RSI at this level, trending in the upward direction, suggests much room for price growth before entering the overbought zone.

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3 months ago

NEAR Protocol Launches OmniBridge

In other news, the development team behind the NEAR Protocol has unveiled OmniBridge, a cross-chain infrastructure. Among other functions, OmniBridge is designed to enable the seamless integration of NEAR-native assets across several blockchains.

At the time of writing, NEAR trades at $3.38 reflecting weekly gains of 2.82% despite its recent dip. However, the coin’s general performance over the past month has been largely bearish with a reported price loss of 35.00%. However, with a market cap of $4.17 billion, NEAR continues to rank in the top 30 largest cryptocurrencies in the world.

NEAR
NEAR trading at $3.378 on the daily chart | Source: NEARUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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