Analyst Identifies Inverted Triangle Bottom Pattern For Near Protocol: Shares 3 Key Targets For NEAR
Trader Alan Santana has identified both a rounded bottom and an inverted triangle bottom pattern in NEARBTC, suggesting that the token is primed for significant gains in the coming months.
NEARBTC created a rounded bottom pattern in 2021, which is characterized by a gradual decline, a period of consolidation, and a subsequent sharp increase in price. This pattern is often seen as a strong bullish signal, indicating that the market has reached a bottom and is ready to reverse its trend.
Following the formation of the rounded bottom, NEARBTC experienced a massive bull market, showcasing the pattern’s predictive power and the potential for substantial gains.
What you'll learn 👉
2023: Inverted Triangle Bottom Pattern Takes Center Stage
Fast forward to 2023, and NEARBTC has formed another bullish pattern, this time an inverted triangle bottom. This pattern is characterized by a series of lower highs and a flat bottom, creating a triangular shape on the chart. As with the rounded bottom, the inverted triangle bottom is considered a strong bullish signal, suggesting that the bulls are ready to take control of the market.
Santana notes that as soon as the inverted triangle bottom pattern appeared, the bulls took control of the chart, leading to a significant price increase. Despite a recent retrace, the trader emphasizes that the low was established in October 2023, and investors can expect to see long-term higher highs and higher lows moving forward.
Buy and Hold Strategy Recommended
Given the strong bullish signals provided by both the rounded bottom and inverted triangle bottom patterns, Santana recommends a simple yet effective strategy for investors: buy and hold. R
Regardless of experience level or capital size, the trader believes that purchasing NEAR and holding it for the long term is the best approach to capitalize on the anticipated price appreciation.
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Show more +The Santana chart makes it simple for investors to plan their entries and exits by showing the targets for NEARBTC’s price growth.
In a recent update, Santana noted that NEARBTC has experienced a very strong bullish breakout and continuation, with the token forming a higher low. This development further reinforces the bullish outlook for Near Protocol, suggesting that additional growth is possible as the “meat of the move” is still missing.
Santana has shared key targets, including $0.00010252, $0.00019386 and $0.00028573. The highest forecast suggests that NEAR could surge by as much as 381% if market conditions turn favorable.
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