Market Overview for NEAR Protocol/Tether

Summary
• Price rose from 1.697 to 1.779, showing a bullish reversal after a deep correction.
• Strong volume spikes coincided with key breakouts above 1.78, validating bullish momentum.
• RSI suggests overbought conditions, while Bollinger Bands tighten, indicating potential volatility.
• A 5-minute bullish engulfing pattern formed near 1.78, signaling short-term buying pressure.
• Turnover exceeded 2.4 million USD as price surged, with no clear divergence seen between price and volume.

24-Hour Summary

The NEAR Protocol/Tether (NEARUSDT) pair opened at 1.697 on 2026-01-16 12:00 ET, reached a high of 1.807, a low of 1.679, and closed at 1.779 on 2026-01-17 12:00 ET. Total traded volume was 6,568,377.0 units, with notional turnover reaching $11,506,241.15 over the 24-hour window.

Structure & Formations

Price action revealed key support at 1.679 and resistance at 1.781. A bearish correction from 1.78 to 1.769 was followed by a strong reversal, marked by a bullish engulfing pattern on the 5-minute chart near 1.78. A 61.8% Fibonacci retracement level from the 1.679 to 1.807 swing now sits around 1.755, which has already seen some rejection.

Moving Averages

On the 5-minute chart, NEARUSDT closed above both 20 and 50-period moving averages, confirming a short-term bullish bias. Daily moving averages are not provided but would likely show a similar trend with the 50-period line acting as a key near-term support.

Momentum Indicators

The RSI reached overbought territory above 70 during the morning hours, suggesting a potential pullback. MACD showed a positive crossover and expanding histogram, reinforcing the bullish momentum. However, this overbought condition may bring temporary corrections.

Volatility and Bollinger Bands

Bollinger Bands contracted in the early hours before expanding as the price surged toward 1.807. Price closed just below the upper band, suggesting strong short-term momentum. A continuation above 1.807 could trigger a break-out trade, while a close below 1.755 may invite selling pressure.

Volume and Turnover

Volume spiked significantly during the breakout above 1.78, aligning with a strong move higher. Turnover also spiked during this period, confirming the bullish conviction. No notable divergences between price and volume were observed, indicating a coherent market narrative.

Conclusion

NEARUSDT appears to have confirmed a short-term bullish bias with a potential target at 1.81. However, the overbought RSI and tightening Bollinger Bands suggest a correction could be imminent. Investors should monitor the 1.755 Fibonacci level for signs of reversal, with caution warranted ahead of the next 24 hours.