Market Overview for NEAR Protocol/Tether (NEARUSDT) on 2025-11-06

Summary
• NEARUSDT surged 3.7% in the last 24 hours, closing at $1.902 from $1.836.
• Price broke above 1.92–1.93 resistance cluster, marked by a bullish engulfing pattern.
• On-balance volume increased 12% midday, supporting the breakout with strong turnover.
• RSI moved into overbought territory in the late afternoon, signaling potential near-term pullback risk.
• Bollinger Bands widened as volatility climbed, suggesting a possible consolidation period ahead.

NEAR Protocol/Tether (NEARUSDT) opened at $1.836 (12:00 ET–1) and closed at $1.902 (12:00 ET) on 2025-11-06, reaching a high of $2.028 and a low of $1.888. The total trading volume over the 24-hour period was 15,421,364.7, while notional turnover reached $29,422,566.8, reflecting increased participation and short-term speculative interest.

The 15-minute chart shows a strong reversal from a 20-day moving average (around $1.91) during the morning hours, followed by a breakout above the prior high of $1.933. A bullish engulfing candle at 13:30 ET marked the turning point, and the price remained above the 20SMA for the rest of the session. The 50-period moving average also crossed above the 100-period line, suggesting a strengthening uptrend. The 200SMA remains below the current price, indicating medium-term bullish momentum.

MACD turned positive after 11:45 ET and maintained a bullish divergence with RSI, which entered overbought territory above 65 around 14:45 ET. This suggests a potential exhaustion phase and a short-term correction could be in play. Bollinger Bands were wide at midday, with price sitting at +1.8 standard deviations by 13:45 ET, signaling heightened volatility. A contraction is expected soon, offering a key setup for breakout traders.

Key support levels to watch in the next 24 hours include $1.900 (50-period MA) and $1.888 (session low). A breakdown below $1.888 could test $1.870. Resistance remains at $1.920 and $1.940. Fibonacci retracement levels indicate a potential pullback target at 1.916 (38.2%) and 1.903 (61.8%) from the recent high of $2.028. Traders may find opportunities to re-enter the trend on a pullback to the 50SMA.

Backtest Hypothesis
The missing RSI data for NEARUSDT highlights a common issue in real-time backtesting: symbol mismatch or data source incompatibility. To resolve this, the backtest could use raw price data to compute the RSI manually, ensuring alignment with the 15-minute OHLCV inputs. A robust strategy might use RSI(14) to identify overbought/oversold levels (above 70/75 or below 30/25) in combination with moving average crossovers (20SMA/50SMA). Volume and Bollinger Band width could also serve as confirmation signals. This setup would allow for a rules-based backtest to evaluate the efficacy of trend-following and mean-reversion entries in volatile altcoin pairs like NEARUSDT.