NEAR Protocol Breaks $2.19 Resistance
NEAR Protocol Breaks Through Key Resistance
The cryptocurrency market displayed renewed strength on July 7th as NEAR Protocol decisively broke through the $2.19 resistance level during the final trading hour. This breakout was validated by a 61% increase in trading volume compared to the daily average, confirming a bullish breakout from an ascending triangle pattern.
Trading data reveals NEAR-USD established solid support between $2.16 and $2.17, experiencing multiple bounces before overcoming resistance at $2.19-$2.20. A particularly strong surge occurred in the hour ending at 14:04, with NEAR rising 1.13% from $2.17 to $2.19, forming a classic cup and handle pattern.
Broader Market Context
This NEAR Protocol surge aligns with broader positive momentum in the crypto market. Bitcoin surpassed $109,000, nearing its all-time high of $111,970. The total cryptocurrency market capitalization expanded to $3.36 trillion, boosted by a 40% surge in trading volume. This positive market sentiment benefited altcoins like NEAR.
While NEAR's price action is encouraging, it remains significantly below its all-time high of $20.42 (January 2022). Technical indicators offer a mixed outlook: 14 green days out of the last 30, but an RSI of 31.09 suggests the asset might be oversold, potentially supporting further price recovery.
Technical Analysis Summary
- Volatility: NEAR-USD experienced a 3.15% swing between $2.16 and $2.22 from July 6th, 15:00 to July 7th, 14:00.
- Support and Resistance: Key support was established at $2.16-$2.17, while resistance at $2.19-$2.20 was decisively broken.
- Ascending Triangle: The breakout confirmed a bullish ascending triangle pattern, suggesting potential for further upward momentum.
- Cup and Handle: A strong bullish trend (1.13% gain) from $2.17 to $2.19 was observed between 13:05 and 14:04 on July 7th.
- Volume Spikes: Exceptional volume spikes at 13:57-13:58 fueled the breakout.
CD20 Index Volatility
The CD20 index displayed significant volatility, fluctuating 1.17% between $1,772.50 and $1,793.57 within the same 24-hour period. After an initial peak, the market consolidated, suggesting potential stabilization.
Disclaimer: This analysis is for informational purposes only and should not be considered investment advice. Conduct thorough research before making any investment decisions.
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