Near Protocol (NEAR) Scalping Strategy: Merging Fibonacci Levels with Bullish Momentum

Disclaimer:This is not financial advice. Please conduct your own research before making any trading decisions.

This analysis explores a potential scalping strategy for Near Protocol (NEAR) that combines technical indicators with the current bullish market sentiment.

Market Context:

NEAR is currently trading at $7.27 with a 24-hour trading volume of $327 million, experiencing a significant increase of over 7.29% compared to the previous day.

While the daily chart suggests a premium zone, both weekly and monthly charts indicate a strong uptrend for NEAR.

Scalping Strategy with Fibonacci Levels:

The strategy utilizes the 0.5 Fibonacci retracement level of a recent price swing to identify a potential entry point.
An alert has been placed at $7.058, corresponding to this Fibonacci level.

Entry and Stop-Loss:

Entry Trigger: If the price respects the $7.058 support level and shows signs of a bounce, it could be a potential entry point for a long scalp.
Alternative Entry: A confirmed break below $7.058 and a further decline towards $6.58, could present another entry opportunity.
Stop-Loss: A stop-loss order placed below $5.5 is recommended to manage potential losses if the price falls sharply despite the bullish trend.

Target Profit:

As a scalping strategy, aiming for a smaller, quicker profit is ideal. Define your target profit level before entering a trade (e.g., $0.93 or a 12.8% increase).

Market Considerations:

• This is a speculative strategy with inherent risks, even within a bullish market.
• Market conditions can fluctuate rapidly, potentially invalidating this plan.
• Always prioritize risk management and never invest more than you can afford to lose.