NEAR Breaks Below Parallel Channel: Key Levels To Watch

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NEAR Breaks Below Parallel Channel: Key Levels To Watch - NewsBTC

Quick Summary:

When a price breaks out of this parallel channel, it signals a possible trend shift either bullish i.e.upward breakout above the upper boundary (resistance), or bearish i.e.breakout below the lower boundary (support). In the case of NEAR, its price has fallen below the support level signaling a potential downtrend.

Related Reading: Ethereum Indicator Flashes Buy Signal On The Weekly Chart – Potential For A Rebound? NEAR Must Reclaim $3.60 Support Level – Here’s Why According to data from CoinMarketCap, the price of NEAR has dropped by 2.98% in the last day forcing a fall below $3.40.

On trading charts, a parallel channel is formed as the price moves within two parallel trend lines – one acting as resistance and the other acting as support as seen with $8.50 and $3.60, respectively on the NEARUSDT daily chart.