The NEAR protocol gained 72% this week and the price broke above the previous high of 4.77. Currently, the price is making a correction and will likely retrace back to the 4.33 support level before making new highs. The price was making small gains for the last two months. However, this week’s gains were significant which indicates the price is likely to surge more.

The market structure is bullish and the price will probably make further gains after the retracement. Moreover, the price left long bullish candles with imbalances and fair value gaps which indicates the strong bullish pressure.

I am considering the 4.33 support level for long entry as this is a key support level. Additionally, the 4.33 level is around the 0.5 Fibonacci retracement level and there is also a bullish order block around the price. My target for this trade is the 7.50.

Fundamentally, the investors’ confidence is high, the bulls are in control of the price and the NEAR protocol is likely to gain more value in the coming days.

• NEAR/USDT is likely to gain more value as the price breaks above the previous high.
• The price will probably surge to the 7.50 supply level in the coming days.
• Multiple take-profit levels have been added to secure profit along the way.
• The risk-to-reward ratio on this trade is 1:5.
• The entry and stop-loss prices have been placed at secure levels with the least probability of getting hit.
• Good luck!

The post NEAR/USDT potential long opportunity as the price drops for correction appeared first on Invezz