Near Protocol [NEAR] Tests Key Resistance Levels as It Nears the Upper Trendline of Its Falling Wedge Pattern

Near Protocol [NEAR] has been moving within a falling wedge pattern for several months, and the coin is now testing key resistance levels.

Near Protocol [NEAR] has been moving within a falling wedge pattern for several months, and the coin is now testing key resistance levels.

What Happened: At press time, NEAR was trading at $3.25, reflecting a 5.03% increase for the 24-hour period. The coin is approaching the upper trendline of its falling wedge, with the next key resistance level visible at $3.55.

A breakout above this resistance could open the door for a rally to the $4.00 mark. However, if the price fails to break out, it may retreat to the support zone at $2.97.

Image: Benzinga

The technical setup suggests a high probability of an upward move, but the low social volume could dampen the momentum in the short term. At press time, the Social Volume stands at just 1, and the Social Dominance is only 0.024655%.

These figures suggest that the market is not buzzing with attention around NEAR at this moment.

Why It's Important: Lack of significant social influence indicates minimal trader excitement, which could limit the overall potential for NEAR. Without a broader social conversation, its potential for explosiveness remains muted.

Open Interest has risen by 0.23%, and stands at $151 million, indicating that traders are actively positioning for potential price moves.

The Liquidation chart also reveals a balanced market, with an equal distribution between long and short positions. This balance creates an environment ripe for volatility.

Any breakout or breakdown could trigger substantial liquidations, which would further fuel volatility.

If NEAR manages to break through the wedge resistance, it could lead to a rapid increase in price, potentially forcing liquidations to fuel even more volatility.

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