NEAR Price Squeeze May Be Short-Lived as Momentum Fades
The NEAR price surged by 8.7% in a single session and is now nearing its upper Bollinger Band at $1.76. However, the technical analysis suggests that this may be a ceiling test rather than a breakout.
The %B reading of 0.95 indicates that the price is jammed between $1.75-$1.76, with the stochastic %K flashing short-term exhaustion. The momentum, as indicated by the MACD, has collapsed to zero, and the RSI is sitting at 55, which suggests no runaway momentum.
The buyers do have some support in the form of a clean MA stack below the action, but the SMA 50 at $1.79 is an overhead landmine that could lead to a significant pullback. The open interest fell by 4.8% on the day price pumped, which suggests short liquidations rather than fresh long accumulation.
The setup for NEAR is live, but it hasn't confirmed yet. A daily close above $1.82 on volume would flip the probability structure in favor of a run towards the strong resistance at $1.88, with a target achievable within 3-4 weeks if BTC holds its macro bid.