NEAR under sell pressure – Buying opportunities may be found at these levels

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Near Protocol [NEAR] , like a majority of the crypto-market, has been in a consolidation phase for the past few days. Interestingly, NEAR’s price action dominated the lower range of $1.800 – $1.996. Additionally, price action was below the short and mid-term trend, underscoring the increased sell pressure. 

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Meanwhile, Bitcoin [BTC] consolidated within the $26.8K – $28.8K. There has been a renewed higher-for-longer Fed rates narrative after taming the U.S banking crisis. This could delay BTC from breaching above its range. 

Source: NEAR/USDT on TradingView

Since mid-March, NEAR has oscillated between $1.800 and $2.000, chalking a parallel channel pattern. However, over the past few days, the price action has predominantly been constricted to the lower range of $1.800 – $1.996 and faced rejection below the 50 MA of $2.110. 

A close below the channel’s mid-level of $1.996 could attract more downward pressure on NEAR’s price. As such, NEAR could drop to the channel’s lower boundary of $1.800 or extend to the low liquidity area below it before attempting a likely rebound. 

The move could offer potential buying opportunities at $1.800 if price action retests the support or the low liquidity area. A pullback retest on $1.800 or a double bottom formation, which confirms an uptrend or bearish trend reversal, could make trade condition for a long position. 

The entry-level would be $1.800, with the primary and secondary targets at $1.996 and $2.000, respectively. The stop loss would be at the low liquidity zone of $1.695.