crypto.news 2025-04-17 19:44:16

NEAR price analysis: Falling wedge pattern sets stage for recovery

NEAR is showing signs of a potential bottom after weeks of aggressive selling. A falling wedge formation on the daily timeframe, combined with extreme oversold conditions and RSI divergence, points toward a possible bullish reversal targeting the $4.66 resistance zone. NEAR ( NEAR) has been in a steep and sustained downtrend, marked by heavy bearish expansions and cascading lower lows. However, recent price action is beginning to compress into a recognizable structure, a falling wedge, which often signals a shift in momentum. With key support levels approaching and momentum indicators flipping, NEAR may be preparing to transition from weakness into strength. Key points covered NEAR is forming a bullish falling wedge pattern on the daily chart Oversold conditions and RSI divergence suggest bearish exhaustion $1.48 support and $4.66 resistance are the key levels to watch Source: TradingView NEAR’s price action has been squeezing into a falling wedge, a reliable technical formation that typically resolves with a strong move to the upside. The contracting range suggests selling pressure is slowing, and as price tightens within the wedge, a breakout becomes more likely. Traders often view these setups as opportunities to catch an early-stage reversal, especially if volume confirms the move. You might also like: Algorand price could crash further as staking outflows jump At the same time, NEAR’s daily RSI has entered deep oversold territory, historically a key signal for short- to mid-term bottoms. More importantly, RSI is printing higher lows even as price records new local lows. This bullish divergence is a sign that underlying momentum is shifting away from bears and often precedes sharp, impulsive reversals once structure breaks. The $1.48 level remains a crucial support zone and has yet to be fully tapped. If price tests and holds this level while remaining inside the wedge, it could serve as the springboard for a breakout. On the flip side, a clean breakout with volume confirmation could propel NEAR toward the next major resistance at $4.66—an area that aligns with previous structure and fills inefficiencies left behind during the prior sell-off. What to expect in the coming price action If NEAR holds above or rebounds off the $1.48 support and breaks above wedge resistance with conviction, it’s likely to trigger a bullish expansion toward the $4.66 target. However, failure to hold support could delay the move. Either way, the setup suggests that NEAR is entering a high-potential zone for a major reversal. Read more: Velora and Across partner to enable cross-chain swaps across 17 networks

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