Different Paths Revealed by Technical Indicators for Troubled NEAR Bounce

CoinJ.com reports:
The token has recently entered a bullish pattern called a symmetrical triangle, which is usually a precursor to a potential rebound.
However, market sentiment is mixed, as technical and on-chain indicators have failed to remain consistent.
Over the past month,
the performance of the NEAR protocol has been poor, with a loss of 17.85%, which has also affected its weekly performance, with a decline of 4.83%, reflecting a general lack of interest in the market.
Despite these challenges, optimism is starting to build. NEAR has achieved an impressive growth of 5.83% in the past 24 hours. The key question now is: will this momentum continue and turn market sentiment from bearish to bullish?
Assembly ready, but obstacles still await
NEAR has seen a strong rise, initially rebounding from the ascending triangle support zone and the $4.087 level of support. This rebound has had a significant impact on its daily gain and is consistent with the overall bullish pattern of the symmetrical triangle.
However, NEAR’s rebound faces significant obstacles within the key resistance zone, which could trigger a decline. The first resistance level is at $4.524, and the second resistance level is at $5.005.
If NEAR can surpass these two levels, it may enter a bullish phase, potentially reaching $6.40, and traders may engage in profit-taking activities. If not, it will continue to trade within the symmetrical triangle.
Uncertainty among market participants
Due to conflicting signals from technical indicators, NEAR’s potential rebound is now threatened by the prevailing uncertainty in the market.
The Parabolic SAR (Stop and Reverse) is a trend-following indicator that helps identify the direction of asset prices and potential reversal points. When SAR points are below the price, it indicates an upward trend; when they are above the aforementioned levels, it means a downward trend.
Currently, NEAR’s SAR points are above the price, indicating that potential bearish sentiment may hinder the asset’s upward momentum or force it to decline.
On the contrary, the Relative Strength Index (RSI) shows a significant increase and is currently in an upward trend, with a reading of 45.03. If this momentum continues, the asset will enter a bullish range, and NEAR may rise further.
Due to these conflicting signals, traders’ directional bias for NEAR’s next move remains uncertain.
Read more:
NEAR Protocol’s price prediction for 2024-2025
Unfilled contracts bullish
According to Coinglass, unfilled contracts for NEAR are currently bullish, reflecting a positive market trend. In the past 24 hours, its total value has increased by 5.19% to $212.45 million.
This indicates that there are more long positions opened than short positions, which may have a positive impact on the price trend if this momentum continues.