NEAR is approaching a significant high timeframe support zone around the $1.50 level, an area that is supported by strong technical confluence. This region aligns closely with the local 0.618 Fibonacci retracement, creating a high-probability demand zone where buyers may begin stepping back into the market. When multiple technical indicators converge at the same price level, the likelihood of a meaningful market reaction increases.
Following the recent correction, price is now testing an area where the broader trend has an opportunity to stabilise. Rather than expecting an immediate reversal, traders should look for the formation of a higher low, which would indicate that buyers are beginning to absorb selling pressure and regain control of the market.
A bottoming structure remains the key confirmation needed before a sustained rally can develop. This could include a period of consolidation, multiple successful retests of support, or a shift in market structure through higher highs and higher lows on the lower timeframes. These signals would suggest that re-accumulation is taking place before the next impulsive move higher.
If buyers successfully defend the $1.50 support and confirm a higher low, the probability increases for a rotational move towards the next major resistance around $2.39. Until then, this remains a critical technical zone where market participants will be watching closely for signs that the correction has ended and the broader bullish trend is ready to resume.
Following the recent correction, price is now testing an area where the broader trend has an opportunity to stabilise. Rather than expecting an immediate reversal, traders should look for the formation of a higher low, which would indicate that buyers are beginning to absorb selling pressure and regain control of the market.
A bottoming structure remains the key confirmation needed before a sustained rally can develop. This could include a period of consolidation, multiple successful retests of support, or a shift in market structure through higher highs and higher lows on the lower timeframes. These signals would suggest that re-accumulation is taking place before the next impulsive move higher.
If buyers successfully defend the $1.50 support and confirm a higher low, the probability increases for a rotational move towards the next major resistance around $2.39. Until then, this remains a critical technical zone where market participants will be watching closely for signs that the correction has ended and the broader bullish trend is ready to resume.
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Disclaimer
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