NEAR Protocol Recovers 5% Amid Market Volatility and Increased Support
Global markets face uncertainty following a dispute between U.S. President Donald Trump and Tesla CEO Elon Musk. NEAR Protocol has shown resilience, recovering from a 5.2% decline to establish support at $2.42.
Recent price movements indicate accumulation, with increased volume during the second test of support forming a potential double bottom pattern. A breakout above the $2.46-$2.47 resistance zone shows buyers are regaining control despite market volatility. This recovery may reflect growing institutional confidence in blockchain infrastructure projects.
Technical Analysis
- NEAR-USD experienced significant volatility, ranging from a high of 2.547 to a low of 2.415, a total change of 5.2%.
- A key support level was established at 2.423 with above-average volume of 2.69M during a decline on June 4th at 20:00.
- A potential double bottom pattern has formed, indicating accumulation at lower levels.
- Resistance is noted around 2.462-2.470, with current recovery approaching this zone.
- In the last hour, NEAR-USD rose from 2.433 to 2.455, achieving a 0.9% gain.
- Strong buyer interest is indicated by volume spikes at 07:15 (206K) and 07:37 (120K).
- A temporary peak of 2.462 occurred at 07:34 before pulling back to establish support at 2.445.
- The price recovered to 2.458 by 07:54, followed by consolidation around 2.455.