Short-Term Recovery Meets Overhead Pressure
NEAR Protocol (NEAR) staged an impressive 5% intraday rally before encountering fresh selling pressure, reflecting the heightened volatility in the broader crypto market. The price, currently hovering around $2.65, briefly tested overhead resistance levels but has yet to secure a decisive breakout.
The latest 4-hour chart reveals that NEAR rebounded strongly from a key support band between $2.30 and $2.40, marked by a confluence of previous demand levels. The bounce came after a sharp decline from late July’s highs, when an ascending channel breakdown accelerated the downward momentum.
Following the recovery, NEAR is now facing strong resistance near $2.70, an area that previously acted as a supply zone. Analysts note that a clean break above this range could open the door toward the $2.85–$3.00 region, while rejection here may trigger another retest of the $2.35 floor.
“We’re seeing a classic relief rally scenario,” said BITX strategist. “The demand zone held firm, but the real test lies at the upper resistance. If broader market sentiment softens due to macroeconomic pressures, short-term pullbacks remain possible.”
Volume data suggests that institutional flows contributed to the recent uptick, though buying momentum slowed as prices neared resistance. Traders remain cautious amid expectations of continued macroeconomic headwinds, including interest rate uncertainties and global liquidity constraints.
Key Levels to Watch
- Immediate Resistance: $2.70
- Major Support: $2.35–$2.40
- Upside Target on Breakout: $2.85–$3.00
- Downside Risk if Rejected: $2.20
With the crypto market in a consolidation phase, NEAR’s next move will likely hinge on whether bulls can maintain control above the $2.40 support zone. A sustained close above $2.70 could signal a shift in short-term trend, while failure to do so might reinforce the broader bearish bias that has dominated since late July.
For now, NEAR remains at a pivotal crossroads, and the coming sessions may determine whether this rebound evolves into a larger trend reversal or simply a temporary bounce.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.