Is NEAR Headed for a Breakdown or About to Bounce Back Hard?

With the NEAR price outlook pointing to a possible short-term rally before another leg down, all eyes are on the descending wedge it's stuck in.

In the ever-shifting landscape of cryptocurrency, NEAR (NEAR) is sparking discussion. After reaching a high of $2.65 and pulling back to the $1.25 zone, NEAR is now pivoting.

After a steeper decline, the price has risen to $1.82, still below March 2024's highs. Now, the spotlight is on the descending wedge in the weekly chart. A breakout could propel the price toward $3.50, setting the stage for the larger downtrend to continue.

Moreover, the MACD is in bearish territory, and the RSI is below 50, indicating that bears have the upper hand in the short term. However, there are signs of a bullish MACD divergence, which could indicate that the selling pressure is easing. A bullish cross of the MACD lines could also be on the horizon, which would be a strong technical signal for a reversal.

In the longer term, the Elliott Wave count suggests that the price is still unfolding the final part of a five-wave decline. This count implies that the price could decline further to reach new all-time lows. However, the short-term charts are showing some signs of strength, which could indicate that the bears are running out of steam.

In the short term, the price outlook is mixed. On the one hand, the descending wedge pattern is typically a bullish signal, and the MACD is showing signs of divergence, which could indicate that the selling pressure is easing. On the other hand, the Elliott Wave count suggests that the price could decline further to reach new all-time lows.

Ultimately, the direction of the NEAR price will depend on the balance of supply and demand. If buyers step up in the final part of the presale, then we could see the price move higher toward the $3.50 resistance level. However, if sellers remain in control, then we could see the price decline further to the $1.25 support level.

Here's a closer look at the technical analysis:

- The price is trading inside a descending wedge, which is a bullish pattern that occurs when price trends lower but the highs and lows are getting closer together.

- The price is also testing the 38.2% Fibonacci retracement level of the recent decline from the all-time high to the low.

- The MACD is showing signs of divergence, which could indicate that the selling pressure is easing.

- The RSI is in oversold territory, but it has flattened out, which could be a sign that the decline is slowing down.

Overall, the technical analysis suggests that the NEAR price outlook is mixed in the short term. The descending wedge pattern and the MACD divergence suggest that the bears could be losing their grip, but the Elliott Wave count and the oversold RSI suggest that there could be more downside ahead. The middle band of the Bollinger Bands is providing support to the price.

Here's a summary of the latest news and developments from the VeChain ecosystem.

MiCA Approval for Broader EU Operations

Vechain has secured approval for the EU's Markets in Crypto Assets (MiCA) regulations. This allows the network’s products and services to operate across all 27 EU countries with a single license.

The approval is a significant development for VeChain, as it grants the network broad access to the European market. MiCA is a comprehensive set of rules for cryptocurrencies and related service providers. It covers aspects such as anti-money laundering, consumer protection, and market abuse.

The approval comes as VeChain continues to expand its real-world use cases. Recently, the network launched the B3TR card, which enables users to earn and spend tokens by engaging in environmentally friendly actions, such as charging an electric vehicle or using a reusable cup.

Moreover, UFC President Dana White has shown support for VeChain's sustainability efforts, highlighting the network's partnership with Cleanify, a platform that helps businesses reduce their carbon footprint. Dana White also announced a partnership with VBetter, a platform that supports organizations in their ESG (environmental, social, and governance) journeys.

Galactica Testnet Among Tech Updates

The Galactica Testnet has launched as part of a multi-phase upgrade plan for the network, which will also see two more phases: Hayabusa and the mainnet migration. The aim is to introduce advanced functionalities and ensure seamless integration before deploying them on the mainnet.

In the realm of development activity, the “VeChain Builders” program is driving innovation. The network recently achieved the #1 ranking globally for developer activity on a public blockchain.

With a user base of over 1 million and a goal to reach 20 million users, and a focus on sustainable development, the latest

News data source: kdj.com

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