Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- NEAR’s daily and three-day market structures were bullish.
- The liquidation levels heatmap illuminated why a rally above $2 was likely.
NEAR Protocol [NEAR] saw its token prices rally swiftly in the past twelve days. Nym Technologies, a chain-agnostic layer-0 privacy infrastructure, announced a partnership with NEAR Protocol a few hours before press time.
Read NEAR Protocol’s [NEAR] Price Prediction 2023-24
The gains for the NEAR token were likely not at an end. Although some lower timeframe retracements were possible, a sustained rally can be expected for the token.
The weekly market structure is about to swing in favor of the bulls
Source: NEAR/USDT on TradingView
The $1.633 (orange) level demarcated the recent lower high on the one-week chart. A move above it will flip the market structure bullishly on the higher timeframe chart. On the three-day chart displayed above, the structure was already bullish.
The RSI rocketed upward in recent days to stand at 70. The On-Balance Volume also noted decent gains and reflected an increased buying volume in the past two weeks. Together, the technical indicators signaled more upside could be expected.
On the lower timeframe charts, a retest of the $1.3 zone could offer a good buying opportunity. It had been a level of support in June and August, and only in recent days has it turned over to a support level once again.
The long-term liquidation levels heatmap gave a clearer idea of where the NEAR rally could reach
Source: Hyblock
How much are 1,10,100 NEARs worth today?
Since the current move higher did not yet see a notable pullback, plotting Fibonacci levels could be premature. The liquidation levels heatmap from Hyblock with a one-year lookback period shed light on the next areas of interest.
The $1.7-$1.8 region was estimated to have over $1.5 billion worth of liquidations. The $2.4 region has a similar amount, and both represented enormous pools of liquidity that could attract NEAR prices. Hence, bulls from lower price levels could look to book profits at these levels.