This Solid Resistance Could Halt Near Protocol (NEAR) Rally: FET Price Still Far From Breakout
In Rekt Capital’s latest newsletter, the analysis of Near Protocol (NEAR) and Artificial Superintelligence Alliance (FET) was carried out. The analyst used various line structures to determine where the price of these tokens could be headed next.
The analysis of NEAR price shows the necessity for a Monthly Close above the Macro Downtrend to initiate a trend continuation in the new Macro Uptrend that began in late 2023.
Currently, NEAR faces a significant resistance level at the confluence of this Macro Downtrend and the black Range High resistance at $5.97. The asset has been consolidating within a defined range between $4.00 and $5.97 for several months.
A breakout from this range and a close beyond the Macro Downtrend are essential for NEAR to move forward; until that happens, the consolidation phase is expected to continue.
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Artificial Superintelligence Alliance (FET) Is Far From Breakout
In contrast, Rekt Capital’s analysis of Artificial Superintelligence Alliance (FET) notes that after breaking its Macro Downtrend, FET has been trading sideways within a macro range of $1.11 to $1.77, with the midpoint marked by an orange boxed area.
Recently, FET has faced resistance at this orange area, indicating a potential drop back to the Range Low for a retest. It appears that FET is still far from a breakout, but it is attempting to establish a base at the Range Low, which may set the stage for future movements across the range.
The analyst’s observations suggest that FET might be forming a triangular market structure, characterized by clear Lower Highs and Higher Lows, which could lead to a decisive trend movement in the future.
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