NEAR Breaks Below Parallel Channel: Key Levels To Watch
Near Protocol (NEAR) has registered a significant price loss in the past 24 hours. Following this decline, renowned crypto analyst Ali Martinez has identified certain price levels critical to a potential recovery. Related Reading: Ethereum Indicator Flashes Buy Signal On The Weekly Chart – Potential For A Rebound? NEAR Must Reclaim $3.60 Support Level – Here’s Why According to data from CoinMarketCap, the price of NEAR has dropped by 2.98% in the last day forcing a fall below $3.40. In an X post, Martinez notes this price loss has caused the altcoin to dip below a parallel....
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Ascending channels provide a steady signal on the strength of an uptrend and the optimal levels to open positions during a pullback. Traders use various technical analysis tools to identify emerging trends and profitably trade that direction. One popular trend-defining pattern that traders often rely on is called the price channel. An ‘ascending channel’ or a “bullish price channel” is formed by drawing parallel lines between the perceived support and resistance levels that an asset trades between on candlestick charts.Ascending channel basicsAn ascending channel is formed when the price....
A crypto analyst has confirmed a recent breakdown of the Cardano price from an Ascending Channel pattern. With key support and resistance levels now in focus, the analyst has outlined two scenarios for ADA, projecting where its price could move next. Cardano Price Ascending Channel: Bullish Scenario The Cardano price has been trending within an Ascending Channel for some time, maintaining steady price momentum amidst market volatility. However, a TradingView crypto analyst, known as ‘MelikaTrader94’, has identified a recent change in the Cardano price action. The analyst highlights that....
Investors watch trading volume and other momentum indicators alongside descending channel patterns to better gauge when to open and close trades. Buying an asset in a downtrend can be a risky maneuver because most investors struggle to spot reversals and as the trend deepens traders take on deep losses. In instances like these, being able to spot descending channel patterns can help traders avoid buying in a bearish trend.A “descending channel,” also known as a “bearish price channel” is formed by drawing two downward trendlines, parallel to each other, which confine the price action of....
An analyst has explained how Dogecoin could end up witnessing a rally of around 6,770% if this pattern continues to follow for the meme coin. Dogecoin Has Been Trading Inside A Long-Term Ascending Channel In a new post on X, analyst Ali Martinez discussed a long-term pattern in which the weekly price of Dogecoin has been trading inside. The pattern in question is the Ascending Parallel Channel from technical analysis. A Parallel Channel refers to a consolidation pattern that forms when the price of an asset moves inside two parallel trendlines. The upper line is made by joining together....
Avalanche (AVAX) price breaches an uptrend lingering in the ascending parallel channel for two months now. AVAX price dips below the ascending channel, breaching an uptrend for two months Avalanche price slides further down to $25 Price tagged in the buy zone but lacks impetus to maintain the ascending parallel channel Even though AVAX was able to break above $30, the coin wasn’t able to fill in the cracks to $40. At first, support seen at $28 controlled the bears’ grasp on the price but AVAX price retraced at $26.22 and is in danger of plunging further down to $25....