NEAR Protocol Surges 5% After Forming Bullish Support Pattern
NEAR showed resilience on Thursday with strong recovery from $2.42 support level, despite chaos in global markets.
Global markets are navigating heightened uncertainty following a public spat between U.S. President Donald Trump and Tesla CEO Elon Musk.
NEAR Protocol has demonstrated resilience amid this volatility, recovering from a sharp 5.2% decline to establish support at $2.42.
The recent price action shows promising signs of accumulation, with increasing volume on the second test of support forming a potential double bottom pattern on short time frames.
This technical structure, combined with the successful break above the $2.46-$2.47 resistance zone, suggests buyers are regaining control despite broader market turbulence.
NEAR's recovery may indicate growing institutional confidence in blockchain infrastructure projects with real-world utility.
Technical Analysis
- NEAR-USD exhibited substantial volatility over a 24-hour period, with a range of 0.132 (5.2%) between the high of 2.547 and low of 2.415.
- The asset experienced a sharp decline during the 20:00 hour on June 4th, establishing a key support level at 2.423 with above-average volume of 2.69M.
- A potential double bottom pattern formed with increasing volume on the second test of support, suggesting accumulation at lower levels.
- Resistance established around 2.462-2.470, with the current recovery approaching this critical zone.
- In the last hour, NEAR-USD demonstrated significant bullish momentum, climbing from 2.433 to 2.455, representing a 0.9% gain.
- Price action formed a clear uptrend with notable volume spikes at 07:15 (206K) and 07:37 (120K), indicating strong buyer interest.
- A temporary peak of 2.462 was reached at 07:34 before a sharp pullback to 2.445, establishing a new support level.
- Recovery from this dip culminated in a final push to 2.458 at 07:54, followed by consolidation around 2.455.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
