Altcoin struggles to break above $3.20 zone as traders eye potential retracement
NEAR Protocol has extended its recent rally, surging past multiple support levels to reach the $3.14 zone, but momentum appears to be slowing as the token faces a heavy resistance cluster just below $3.20. Technical charts suggest that while the bullish structure remains intact, a possible retracement could test lower supports before the next leg higher.
NEAR Technical Analysis
The 4-hour chart highlights a sharp breakout from the $2.40 accumulation zone, followed by a sustained uptrend that pushed NEAR through resistance levels around $2.70 and $2.90. The move was accompanied by a significant spike in trading volumes, underlining strong buying interest.
Currently, NEAR is struggling against a supply zone near $3.15–$3.20, an area where sellers previously defended aggressively. A rejection here could see the price retest support zones at $2.90 or $2.70, both of which now act as strong bases for bulls.
BITX Analysts caution that while NEAR’s 50% surge over recent weeks signals a strong bullish phase, overbought conditions could trigger short-term pullbacks. “The market has done a lot of heavy lifting in a short period,” . “Unless NEAR breaks and holds above $3.20, we may see some cooling off before another attempt higher.”
On the upside, a successful breakout above $3.20 could open the door toward $3.50, with further momentum possibly carrying the asset closer to the $3.80 range, last seen in earlier bullish cycles.
For now, the trend remains constructive, with higher highs and higher lows confirming bullish structure. Traders will be watching how NEAR reacts around the $3.20 mark, as it will likely determine whether the rally continues or pauses for consolidation.
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.