Market Overview: NEAR Protocol/Tether (NEARUSDT) 24-Hour Technical Analysis

• NEARUSDT traded with a strong upward bias during the last 24 hours, surging from ~$2.58 to a high of $2.848.
• Momentum picked up after 8:45 AM ET, with a 4.3% gain in under 4 hours, suggesting bullish conviction.
• Volatility expanded significantly, with Bollinger Bands widening after the breakout.
• Volume spiked during the bullish phase, confirming strength behind the move.
• RSI approached overbought territory (70+), indicating caution may be needed for further momentum.

Price Action Summary

NEARUSDT opened at $2.583 on 2025-09-30 12:00 ET and closed at $2.844 on 2025-10-01 12:00 ET, with a high of $2.848 and a low of $2.563. Total volume for the 24-hour period was 16,076,558.2 units, with a notional turnover of approximately $44,573,827. The pair exhibited a strong bullish bias, especially after the 8:45 AM ET candle, which marked the start of a sharp upward move.

Structure & Formations

The candlestick pattern suggests a strong continuation of the bullish trend, with multiple strong green bodies and limited retracement. A key support level appears to be forming around the $2.56–2.57 range, which has been tested and retested multiple times over the past 24 hours. Resistance levels emerged at $2.62–2.63, $2.68–2.70, and finally at $2.77–2.80, which was decisively broken through.

A bullish engulfing pattern formed around 9:45 AM ET, with the open at $2.637 and the close at $2.644, which may have acted as a catalyst for the next wave of buying. Later, a strong hammer-like structure appeared around 8:00 AM ET (open at $2.578, close at $2.651, low at $2.62), signaling a rejection of lower levels and a potential reversal.

Moving Averages

On the 15-minute chart, NEARUSDT closed above both the 20-period (2.715) and 50-period (2.698) moving averages, indicating that the trend remains intact. On the daily chart, the 50-period MA (2.593), 100-period MA (2.562), and 200-period MA (2.515) all remain below the current price, reinforcing the bullish momentum.

MACD & RSI

The MACD showed a positive divergence with a histogram peak of 0.056 at 9:00 AM ET, followed by a continued increase in bullish momentum. The RSI climbed to 73 by 10:15 AM ET, entering overbought territory and indicating a potential pause or correction in the near term.

Bollinger Bands

The Bollinger Bands expanded significantly after 8:45 AM ET, indicating increased volatility. Price action has remained above the upper band since the breakout at $2.77, suggesting strong momentum. A contraction in the bands before 8:45 AM ET may have signaled a consolidation phase before the surge.

Volume & Turnover

Volume surged during the key bullish phase, particularly between 8:45 AM and 10:15 AM ET, with the highest single 15-minute candle reaching 1,094,754 units (at 8:45 AM ET). Notional turnover spiked from around $1.5M to over $8M during that period, confirming the strength of the move. However, a divergence appears between price and volume after 10:30 AM ET, with volume decreasing while the price continued to rise, suggesting possible exhaustion or a consolidation phase.

Fibonacci Retracements

Applying Fibonacci retracement to the 15-minute swing from $2.563 to $2.848, key levels to watch are 61.8% at $2.77 and 78.6% at $2.82. The price reached and slightly exceeded both levels, suggesting that the next target could be the 100% extension at $2.90, depending on volume and momentum.

On the daily chart, the 61.8% retracement of the previous bearish move from $3.00 to $2.50 is at $2.65, which has been tested but not decisively broken.

Backtest Hypothesis

A backtest strategy could involve entering long positions on NEARUSDT after a bullish engulfing pattern forms and the price closes above both the 20 and 50-period moving averages. A stop-loss could be placed below the 20-period MA, while a take-profit target could be set at the 61.8% Fibonacci level from the most recent swing. The RSI should ideally remain above 50 to confirm the bullish momentum. If the price begins to diverge from volume, as observed between 10:30 AM and 12:00 PM ET, a partial exit could be considered. This strategy would aim to capture continuation moves while managing downside risk in a volatile market.