NEAR Protocol’s (NEAR) Breakout Hints at Major Gains, Immutable’s (IMX) Swing Trade Appeal; Key Indicators to Watch
Technical analysts are closely monitoring the price movements of various digital assets. Among the notable developments, NEAR Protocol (NEAR) has exhibited a bullish breakout, while Immutable (IMX) presents a potential swing trade opportunity, according to analysts.
What you'll learn 👉
NEAR Protocol Breaks Out with 70% Upside Target
According to the analysis by World of Charts, NEAR Protocol has successfully broken out from a descending channel pattern on the 4-hour timeframe. The breakout, typically considered a bullish signal, suggests a potential trend reversal from bearish to bullish.
Notably, World of Charts has projected a substantial upside target of approximately 70%, which could propel NEAR’s price to around $13.00 from the breakout point of roughly $7.70. However, it’s crucial to note that breakouts should be confirmed with high trading volume to provide additional validation.
Traders might look for further bullish signals, such as a higher low following the breakout or increased buying volume, to confirm the breakout’s sustainability.
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Show more +Immutable: Potential Swing Trade Opportunity
Shifting focus to Immutable (IMX), altFINS’ analysis presents a potential swing trade opportunity. According to the analysis, IMX remains in an overall uptrend, with the nearest support zone identified at $2.50.
Source: altFINS – Start using it today
altFINS suggests buying IMX on pullbacks near the $2.50 support area, with a potential upside target of around $3.50, representing a 40% gain. The recommended stop-loss level is set at $2.25, aiming to limit potential losses.
While the short-term trend for IMX is considered bearish, the medium-term outlook is neutral, and the long-term trend remains bullish. However, momentum indicators such as the MACD and RSI currently suggest bearish signals.
Key Support and Resistance Levels
For NEAR Protocol, traders and investors will closely monitor the breakout level for any potential retests or pullbacks. On the other hand, for Immutable, the $2.50 support zone and the $3.50 resistance level will be crucial areas to watch.
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