NEAR Protocol Regains Footing After Volatility, Holds Key Support Levels
NEAR Protocol has shown notable resilience in the crypto market, bouncing back from a sharp drop as buyers stepped in to support prices, even amid ongoing economic uncertainty.
After plunging to $1.79, NEAR established firm support at $1.83, buoyed by heightened trading activity. The token has since entered an upward channel, forming higher lows that point to improving sentiment and renewed momentum among traders.
Technical Breakdown
- Over the past 24 hours, NEAR has traded between $1.79 and $1.94—a 7.4% swing. A sharp decline to $1.79 in hour 20 was swiftly reversed as buying pressure mounted.
- The $1.83 level has emerged as strong support, underpinned by significant volume spikes during hours 13 and 20, where trades exceeded 10 million NEAR.
- The token tested resistance at $1.94 during hour 7 before consolidating between $1.90 and $1.92, signaling a potential period of accumulation.
- An ascending price channel is forming, marked by higher lows at $1.899, $1.904, and $1.906, suggesting steady bullish interest.
- A significant surge in trading volume was seen at 11:38, with nearly 30 million NEAR traded as prices approached resistance near $1.908.
- A brief dip to $1.896 at 11:23 was quickly reversed, solidifying $1.90 as a crucial support level.
- NEAR closed the hour at $1.906, holding near the top of its recent range, leaving the door open for further gains if buying momentum persists.
