Analyst starts building position in NEAR Protocol

A crypto analyst announces that he is starting to build a position in NEAR Protocol. He points to a clear macro-cyclical structure, a retest of the lower boundary of the trading range and growing attention on the coin as reasons for his entry.

In brief:

• An analyst is building a position in NEAR Protocol based on technical analysis
• He sees the bottom of the trading range as a possible entry opportunity
• Increased attention on NEAR could point to an upcoming price movement

Macro structure and the bottom of the range

The analyst, who publishes on X under the name damskotrades, says he is starting to build a position in NEAR Protocol. The weekly chart he shares shows that the price is currently close to the lower boundary of a broad trading range, somewhere around $2 to $3.

According to his analysis, the NEAR price follows a recognisable pattern: a macro cycle, followed by a correction on a smaller scale, after which the macro cycle continues. In his view, the price is at the point of a possible recovery movement towards higher levels, with a mid-section of the range around $12 and a top around $20 as long-term targets.

Growing attention as an extra signal

The analyst also points to a striking pattern outside the chart. Memes around NEAR on the STONK platform are said to be performing relatively well compared with other trading pairs, similar to Bitcoin, Ethereum and Zcash. He sees that as a sign that the coin is attracting more attention, which he has historically seen more often ahead of price rises in other coins.

However, these are expectations and not guarantees. The analysis is based on past patterns and technical structures, which are not always predictive of future price movements. At the time of writing, NEAR Protocol is trading around $2 to $3, far removed from earlier peaks above $20 that the coin reached in 2022.