NEAR Technical Analysis: Will Uptrend Start In Falling Wedge?

The NEAR Technical Analysis shows a struggle to start an uptrend within the falling wedge pattern as it consolidates near the crucial support level of $3.5. The NEAR price action displays a lateral trend at the $3.5 support level resisting the bull cycle to gain momentum. Furthermore, the recent increase in selling pressure warns of a downtrend, retesting the support trend line. So, should you consider capturing the selling opportunity in hopes of a bearish fall? Key Points: The Near Protocol price action shows a bullish failure to sustain the uptrend reversing from the support trendline. The increased selling projects the possibility of a bearish breakout of the falling wedge in the daily chart. The intraday trading volume in Near Protocol is $134 million. Source – TradingView NEAR Technical Analysis As we mentioned in our previous analysis, the NEAR price action exhibits a bullish reversal from the support trendline of the bearish wedge pattern. Furthermore, the bullish reversal rally accounts for a 7.5% jump in a week leading to a streak of bullish candles. However, the NEAR price action displays a 3% drop in the last 48 hours due to the rejection from the $3.70 mark. Additionally, the spike in trading volume supports the higher price rejection increasing the possibility of a $3.5 breakdown. If the buying pressure fails to regain momentum downtrend below the 3.5 dollars mark will inevitably break the support trendline givin...