after the previous consolidation and falling structure.
NEAR is currently around $3.51, and price has pushed above the important $2.90 to $3.20 resistance area. This is a strong move, and the previous resistance can now become an important support area if the breakout holds.
But the important thing here is the 12H RSI, which is currently around 82.7. That is already heavily overbought, so I don’t want to chase the breakout at these levels. I would rather see the RSI cool off while price continues to hold above the breakout zone.
If NEAR retests the $3.20 to $2.90 area and buyers defend it while RSI resets, that would make the structure much healthier for another continuation higher.
But if NEAR falls back below $2.90 and starts accepting below the previous resistance, then this breakout could turn into a deviation / fake breakout.
Key levels:
Support / Retest: $3.20 to $2.90
Current Price: $3.51
RSI: ~82.7, Overbought
Bullish Continuation: Hold above $3.20 after RSI cools off
Invalidation: Below $2.90
For now, #NEAR has given the breakout, but I’m waiting for the RSI to cool off before looking for the next move higher.