NEAR Protocol demonstrated impressive resilience during a volatile trading session, gaining 3% in the 24 hours ending July 8 at 14:00 UTC. The rally was driven by strong technical support at the $2.13 level, where buyers consistently stepped in to defend price action.
Key Support at $2.13 Triggers Bullish Momentum
During the early hours of the session, NEAR dipped to a low of $2.12, testing the crucial $2.13 support zone. However, this level attracted significant accumulation, as volume surged to 2.55 million units traded between 01:00 and 02:00 UTC.
This buying pressure resulted in a swift price recovery, confirming $2.13 as a critical level of market confidence.
Technical Strength Confirmed by Volume and Price Action
The session’s trading range spanned $0.07, from $2.12 to a peak of $2.19, reflecting healthy price discovery. After multiple tests of the $2.18 resistance zone, NEAR finally broke above this barrier in the final hour, showcasing strong bullish conviction.
Between 13:05 and 14:04 UTC, NEAR rallied from $2.18 to $2.19, gaining 0.5% in just 60 minutes. A breakout volume of 56,437 units at 13:42 UTC confirmed this move, suggesting institutional-grade participation and renewed market interest.
Multiple Support Retests Reinforce Bullish Structure
Even after the initial bounce, the price revisited support at $2.17, with multiple successful retests reinforcing the technical structure. The consistency of buyers at this level highlights the market’s confidence and signals a potential shift toward upward momentum.
The ability to maintain higher lows and break key resistances shows strong technical control by buyers.
What’s Next for NEAR?
With the $2.18 resistance zone breached and support levels holding, NEAR enters a promising short-term phase. Traders should monitor:
- Volume behavior near the $2.20 level
- Reactions to future support retests at $2.17–$2.13
- Breakouts above $2.20, which could open the path toward higher targets
Continued accumulation and rising momentum suggest that bulls are gaining confidence, especially if broader market conditions remain favorable.
Final Thoughts
NEAR’s 3% rally showcases a strong bounce from technical support and highlights the importance of volume confirmation in breakout scenarios. As long as the $2.13 support holds, the price outlook remains cautiously bullish, with a potential for further gains if the market maintains its upward momentum.
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.