NEAR Protocol Records 5% Gain Amid Market Volatility
NEAR Protocol Market Update
- NEAR Protocol rose 5% from $2.47 to $2.60 on 7 August by 14:00 UTC.
- Strong institutional accumulation supported a recovery rally after early lows, with trading volume reaching 3.36 million.
- The price fluctuated between $2.48 and $2.52 before breaking out around 10:00 UTC.
Late Session Developments
- In the final hour (13:06 to 14:05 UTC), NEAR experienced high volatility, erasing most intraday gains.
- A spike in volume led to profit-taking, driving the price down to close at $2.60.
- Possible short-term exhaustion noted as institutional distribution may limit further upside potential.
Market Influences
- NEAR’s performance is impacted by macroeconomic conditions and shifts in monetary policy due to inflation and trade disputes.
- Institutional inflows into digital assets have increased amid global uncertainty.
- The cryptocurrency's pullback reflects broader market hesitance regarding policy implications and risk appetite.
Technical Analysis Highlights
- NEAR showcased resilience, recovering from $2.47 to $2.60 over 24 hours, marking a 5% gain.
- Accumulation pattern observed, consolidating between $2.47-$2.52 before a surge at 10:00 UTC with significant volume.
- Support established at $2.51 and resistance near $2.61, with potential upward movement projected towards $2.65-$2.70.