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Sell signal emerging: NEAR/USDT approaching major resistance level

By: Invezz

December 21, 2023 at 08:50 AM EST

NEAR/USDT trading strategy

Buy/sell asset: Sell NEAR/USDT
Entry price: $3.50
Stop loss: $3.82
Leverage: 1x
Take profit 1: $3.15
Take profit 2: $2.80
Take profit 3: $2.10
Timeframe: 1-2 weeks
Maximum profit: 40%
Maximum loss: 9%

NEAR/USDT chart and technical analysis

The price of NEAR/USDT is approaching a major resistance and supply area of $3.50. The price has recovered about 70% in the last 3 days and this could be the perfect opportunity to cash on a potential retrace.

I am expecting the price will make a retracement and could drop to the $2.10 support level in the coming days. The $3.50 is a major daily resistance level and the price is already facing rejection from that level.

I am considering the $3.50 resistance level for short entry and my target for this trade is $2.10. However, the overall trend in the long term will possibly remain bullish.

NEAR protocol fundamental analysis

Fundamentally, the price will mostly follow the technical strategies as there are no major fundamental events that could impact the price of NEAR protocol substantially.

NEAR protocol to Tether trade idea takeaways

NEAR/USDT is likely to drop to the $2.10 support level in the coming week and days.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:4.4.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post Sell signal emerging: NEAR/USDT approaching major resistance level appeared first on Invezz

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