Market Overview for NEAR Protocol/Tether (NEARUSDT)

Summary
• NEARUSDT tested and held key support at 1.620–1.625, forming a bullish rebound.
• Price surged above a 20-period moving average, confirming short-term strength.
• RSI shows momentum diverging after overbought levels, suggesting caution.
• Volume spiked during the 01:30–03:30 ET rally, aligning with price highs.
• A potential ascending triangle forms on the 5-min chart near 1.634–1.650.

At 12:00 ET on January 2, NEARUSDT opened at 1.584, reached a high of 1.668, and closed at 1.644 after testing 1.620. Total 24-hour volume was 21,141,656.5 and turnover was 33,960,296.54, indicating strong participation.

Structure & Formations

Price formed a potential ascending triangle on the 5-minute chart, bounded between 1.620 and 1.650. A bullish engulfing pattern appeared at 1.620–1.625 on January 2, confirming short-term support. A doji formed near 1.650 after a sharp 5-minute spike to 1.668, signaling temporary indecision.

Moving Averages and MACD/RSI

The 20-period and 50-period moving averages on the 5-minute chart were crossed above, confirming bullish momentum. The MACD line crossed above zero with a positive histogram, while RSI reached overbought levels but failed to hold above 70, hinting at possible correction.

Volatility and Volume Dynamics

Bollinger Bands widened during the 01:30–03:30 ET rally, showing increased volatility. Price tested the upper band multiple times without breaking through, suggesting resistance at 1.650–1.660. Volume spiked during these rallies, confirming strength, but declined on pullbacks.

Fibonacci and Key Levels

A 61.8% Fibonacci retracement level sits at 1.636 from a recent 1.610–1.668 swing. Price found support near this level and reversed higher. Resistance remains key at 1.645–1.650, with a breakdown below 1.620 signaling potential bearish continuation.

NEARUSDT may test 1.650 in the next 24 hours if bullish momentum continues, but traders should watch for a RSI reversal or a breakdown below 1.630 as early warning signs of a potential pullback.