NEAR Recovers Despite Broader Crypto Market Sell-Off
NEAR Protocol (NEAR) faced selling pressure on Tuesday, falling nearly 3% during a period of broad market decline. The dip coincided with Bitcoin’s drop from $123,000 to $117,000, triggering risk-off sentiment across major altcoins. NEAR slipped to $2.50, but recovered swiftly to $2.52, reinforcing strong support near the $2.48–$2.52 range.
A break below $2.48 could open the door to downside targets around $2.34, which previously served as a rally base last week.
Volume Surge Signals Institutional Interest
A notable volume spike between 03:00 and 04:00 UTC lifted trading activity to 3.68 million units, well above the 24-hour average of 2.32 million. This sharp increase reflects institutional engagement, especially during volatile phases.
The final recovery phase at 13:55 UTC saw over 217,000 units traded, enabling NEAR to briefly surpass resistance at $2.57, before stabilizing near $2.52.
This recovery suggests that buyers are stepping in at key support levels, maintaining market structure despite volatility.
Bullish Breakout Scenario Above $2.70
Technical indicators highlight a potential bullish breakout if NEAR climbs past Monday’s high of $2.70. This level also marked June’s local top, adding technical relevance. Should a breakout occur, upside targets include $2.91 and $3.12, supported by trend momentum and previous resistance zones.
Key Technical Zones to Watch
- Support: $2.48–$2.52 (multiple rebounds, strong volume absorption)
- Resistance: $2.57–$2.60 (historical selling pressure, short-term ceiling)
- Breakout trigger: $2.70 (confirmation needed for extended rally)
- Volatility: Intraday range of $0.15, or 5.70%, indicates high trader activity
Conclusion
NEAR Protocol’s ability to recover intraday losses, maintain support above $2.50, and attract significant trading volume points to ongoing investor confidence. If bulls manage to break above $2.70, further upside looks likely. Until then, the $2.48–$2.60 range remains critical for short-term positioning as traders navigate current market dynamics.
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.