NEAR price action recently delivered an impulsive rally, successfully breaking above the key $1.80 daily level before advancing into the point of control, a region representing the highest concentration of traded volume within the current range. The breakout initially signaled strength from buyers and suggested the potential for further upside expansion.
However, momentum began to fade after reaching the point of control.
Price attempted to establish acceptance above this region on two separate occasions, but both efforts were met with strong selling pressure. The repeated failure to secure daily closes above the point of control resulted in a sharp rejection, indicating that sellers remain active at higher prices.
As a result, price action is now likely to retest the $1.80 support level.
From a technical perspective, this retest is particularly important because it has the characteristics of a potential bullish retest. If buyers can successfully defend the level and establish support, it would confirm the breakout and increase the probability of a renewed rotation toward higher prices.
Failure to hold this support, however, would weaken the bullish outlook considerably. A breakdown below $1.80 would invalidate the retest scenario and increase the likelihood of a deeper corrective move developing.
For now, the broader structure remains constructive, but the next reaction around $1.80 will be critical. Holding support would favor trend continuation, while losing it could shift momentum back in favor of the bears.