Market Overview for NEAR Protocol/Tether (NEARUSDT)

• Price fell from 2.347 to 2.223 over 24 hours, with a final close near 2.296.
• A key support level formed at 2.223, holding twice before a rebound.
• Volatility expanded in the early part of the session, then stabilized.
• High turnover was observed during the 20:00–21:00 ET range, coinciding with a sharp decline.
• RSI remained in oversold territory for most of the session, hinting at potential bounce.

The NEAR Protocol/Tether (NEARUSDT) pair opened at $2.325 on 2025-10-28 at 12:00 ET and closed at $2.296 on 2025-10-29 at the same time. During the 24-hour period, prices reached a high of $2.347 and a low of $2.223. Total volume amounted to 4.34 million units, while notional turnover reached approximately $10.18 million, with the largest single 15-minute turnover spike at $2.267 million.

NEARUSDT spent much of the 24-hour window consolidating within a descending channel, with a bearish breakdown to 2.223 followed by a rebound. Notable candlestick patterns included a hanging man at 2.24 and a bullish engulfing pattern at 2.223–2.24. The 15-minute 20SMA (2.289) and 50SMA (2.296) converged near the close, suggesting potential support.

The RSI remained in oversold territory for most of the session, bottoming at 23, while the MACD crossed into negative territory with a bearish divergence. Bollinger Bands showed a moderate contraction in the early morning, followed by a sharp expansion during the 20:00–21:00 ET selloff. Price closed near the upper band during that period, suggesting high volatility. Volume spiked during the selloff, confirming bearish momentum.

Fibonacci retracements on the recent 15-minute swing from 2.347 to 2.223 identified key levels at 2.277 (38.2%) and 2.314 (61.8%). The 2.296 close aligned closely with the 38.2% retracement, which could act as a temporary floor or pivot point.

Backtest Hypothesis
A simple mean-reversion strategy could be tested using the identified Fibonacci levels and the 20/50 SMA crossovers. For example, a long entry could be triggered when price touches 2.223 (38.2% retracement) with a stop-loss just below, while a short entry could be triggered at 2.323, near the 61.8% retracement. The data provided would allow testing of this strategy from 2022-01-01 to today, with a clear focus on price-action confirmation at key levels.

Looking ahead, NEARUSDT may test the 2.296–2.305 range for support and the 2.313–2.324 area for resistance. A breakout above 2.313 could signal renewed bullish momentum, while a breakdown below 2.277 may extend the downward correction. Investors should watch for volume confirmation during these pivotal moves, as divergences could indicate a reversal in sentiment.