NEAR Protocol showed resilience in volatile markets, recovering more than 5% from recent lows. After dropping to $2.42, NEAR formed a strong support base and has since rebounded toward key resistance levels.
This bullish reaction suggests growing confidence in NEAR’s long-term value as a blockchain infrastructure project.
The broader market turbulence, caused by heightened geopolitical tensions and uncertainty from global headlines, added to pressure across risk assets. Yet, NEAR’s price action demonstrated technical strength and buyer support.
Bullish Pattern Hints at Accumulation Phase
A potential double bottom pattern has formed near the $2.42 mark, with increasing volume on the second test—indicating accumulation by buyers. Volume spikes during the recovery phase further validate this bullish formation.
Resistance at $2.46–$2.47 now serves as the next critical level. A confirmed breakout above this zone could trigger a trend reversal and reinforce bullish momentum.
Such technical patterns, especially during uncertain market periods, often reflect institutional positioning or early interest from long-term holders.
Technical Overview: Rising Volume and Uptrend Structure
- NEAR-USD traded within a 5.2% range, with a low of $2.415 and a high of $2.547 in the past 24 hours.
- The sharp drop around 20:00 on June 4 led to the formation of a key support at $2.423, backed by 2.69M in volume.
- A double bottom pattern was observed, supported by rising volume on the second dip.
- Resistance was retested at $2.462–$2.470, with the price breaking momentarily before a minor pullback.
- Bullish momentum returned, lifting the price from $2.433 to $2.455 in the latest hour—a 0.9% gain.
- Significant volume spikes at 07:15 (206K) and 07:37 (120K) showed strong buyer presence.
Outlook: NEAR Gathers Strength for Potential Breakout
NEAR’s rebound suggests increasing investor confidence in utility-driven blockchain projects. If volume continues to rise and price closes above the $2.47 resistance zone, NEAR may enter a new short-term uptrend.
Support at $2.42 remains a critical level to monitor. A breakdown below it could signal renewed bearish pressure, while sustained consolidation above $2.45 could pave the way for further gains.