NEAR Protocol Surges 1.13% Breaking $2.19 Resistance

NEAR Protocol, a prominent blockchain platform, experienced a significant surge in its value, breaking through the $2.19 resistance level. This breakout was marked by a substantial 61% increase in trading volume compared to the daily average, indicating strong market interest and momentum. The surge was particularly notable during the final trading hour of July 7, where NEAR-USD established strong support in the $2.16-$2.17 range before overcoming resistance at $2.19-$2.20. This decisive move was characterized by a 1.13% price increase from $2.17 to $2.19, forming a textbook cup and handle pattern that analysts describe as a bullish signal.

The breakout from the ascending triangle pattern suggests potential for continued upward momentum. This technical development comes as the broader crypto market experiences significant momentum, with Bitcoin crossing $109K and approaching its all-time high. The total cryptocurrency market capitalization has expanded to $3.36 trillion, creating favorable conditions for altcoins like NEAR to capitalize on improved market sentiment. Despite NEAR's positive price action, the asset remains significantly below its all-time high of $20.42 reached in January 2022. Current technical indicators present a mixed picture, with 14 green days out of the last 30, but an RSI of 31.09 suggesting oversold conditions that could support further recovery.

Technical analysis of NEAR-USD over the 24-hour period from 6 July 15:00 to 7 July 14:00 revealed notable volatility, with a price range of $2.16 to $2.22, representing a 3.15% swing. The asset established key support at $2.16-$2.17 with multiple bounces, while resistance at $2.19-$2.20 was eventually overcome during the final hour on exceptional volume. The decisive breakout above the $2.19 level, coupled with the formation of a bullish ascending triangle pattern throughout the period, suggests potential for continued upward momentum with the next resistance target at $2.22. During the 60-minute period from 7 July 13:05 to 14:04, NEAR-USD exhibited a strong bullish trend, surging from $2.17 to $2.19, representing a 1.13% gain. The asset broke through key resistance at $2.18 with exceptional volume spikes, forming a cup and handle pattern that culminated in a decisive breakout to $2.19. Support established at $2.16 during the mid-period pullback held firmly, with buyers stepping in aggressively to fuel the subsequent rally that peaked at $2.19 before minor profit-taking occurred in the final minutes.