NEAR Technical Analysis: Wedge Fallout Warns A Crash To $2.5

The NEAR Technical Analysis offers a selling opportunity as the high momentum selling spree gives a bearish breakout of a falling wedge. The NEAR price action shows a bearish breakout of a long-coming falling wedge pattern in the daily chart. Additionally, the downtrend breaks the crucial support level of $3.5, unleashing the trapped momentum and approaching the bottom support at $2.5. So, should you consider taking a bearish position? Key Points: The Near Protocol price action shows a bearish breakout entry opportunity. The price dump crosses below the $3.5 support level. The intraday trading volume in Near Protocol is $45.67 million. Source – TradingView NEAR Technical Analysis As mentioned in our previous analysis, the NEAR price action shows a growing bearish influence over the consolidation range leading to a downtrend. The falling prices break below the crucial support at $3.5, reflecting a remarkable selling spree. On further analysis, the price action offers a selling opportunity as the price trend breaks below the falling wedge. Moreover, the spike in teasing volume supports the bearish breakout signaling a downtrend continuation. Currently, the daily candle shows a lower price rejection and highlights a retest phase of the trendline fallout. If the selling pressure increases, the layer-1 token’s market price will drop to $2.5 accounting for a 20% decline. Conversely, if the retest phase gains bullish momentum, a reve...