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Sell signal emerging: NEAR/USDT approaching major resistance level

By:
on Dec 21, 2023
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  • NEAR/USDT is likely to drop to the $2.10 support level in the coming week and days
  • The trading signal provided should last 1-2 weeks with a potential upside of 40%
  • No high high-impact news today, the price will remain calm

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NEAR/USDT trading strategy

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  • 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

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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.

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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

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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

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  •  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!
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