#NEAR/USDT Set to Plunge? Key Factors to Watch#NEAR/USDT situation, focusing on the potential retest levels due to the formation of a bearish shark pattern:
#NEAR/USDT Analysis: Bearish Shark Pattern Indicates Potential Retest Levels
#Bearish Shark Pattern
The bearish shark pattern is a harmonic pattern that signals a potential reversal or correction in the price of an asset. This pattern consists of five points labeled as O, X, A, B, and C, and follows specific Fibonacci retracement and extension levels.
For #NEAR/USDT, the formation of a bearish shark pattern suggests that the price is likely to face resistance and could be due for a retest at lower support levels. This pattern, combined with other technical indicators, can help identify potential price targets for the retest.
### Potential Retest Levels
Given the bearish shark pattern, NEAR/USDT might retest certain key support levels:
1. **Scenario 1: Retest Around $8.50**
- This level has previously acted as a significant support and resistance zone. If NEAR/USDT retraces, it is likely to find initial support around $8.50. If the price holds at this level, it could lead to a temporary bounce or consolidation. However, if the bearish momentum persists, the price may continue to decline further.
2. **Scenario 2: Retest Around $7.40**
- If the $8.50 support level does not hold, the next critical support level to watch is around $7.40. This level has historical significance and could act as a stronger support. A retest at this level would be crucial in determining whether NEAR/USDT will stabilize or continue its downward trend.
#Conclusion
NEAR/USDT is currently showing signs of potential weakness with the formation of a bearish shark pattern. Traders should be prepared for possible retests at $8.50 and $7.40. Monitoring key technical indicators and market sentiment will be crucial for making informed trading decisions during this period.
