Market Overview for NEAR Protocol/Tether (NEARUSDT) – 24-Hour Technical Update

• NEARUSDT surged from $2.85 to $3.13 before consolidating, showing strong bullish momentum.
• RSI reached overbought territory above 70, signaling potential near-term exhaustion.
• Volume surged during the breakout, confirming strength but hinting at possible pullbacks.
• Bollinger Bands widened, reflecting heightened volatility around key resistance levels.
• A bullish engulfing pattern emerged near support, indicating a possible continuation of the rally.

Market Summary

NEARUSDT opened at $2.85 at 12:00 ET on 2025-09-22, surged to a high of $3.134, and closed at $3.047 at 12:00 ET on 2025-09-23. Total volume reached 15,128,690 NEAR, with notional turnover at $44,761,300. The asset displayed a strong bearish-to-bullish reversal, supported by high-volume breakout activity and a bullish engulfing pattern near key support levels.

Structure & Formations

NEARUSDT broke above $3.00 and formed a bullish engulfing pattern at $2.89–$2.90, suggesting a continuation of the rally. A potential resistance cluster emerged around $3.06–$3.08, with a prior high at $3.082. A doji formed at $3.05–$3.06, signaling short-term indecision. Key support levels at $2.91–$2.93 appear solid based on repeated rejection and volume spikes.

Moving Averages and Momentum

On the 15-minute chart, price closed above the 20-period and 50-period EMAs, with the 20 EMA ascending faster. The 50 EMA confirmed a bullish bias, and the daily chart shows the 50 and 200 SMAs converging around $3.01–$3.02, offering potential support. The MACD crossed into positive territory with a strong histogram, suggesting ongoing momentum. RSI reached 73–76, indicating overbought conditions and a possible near-term pullback.

Bollinger Bands and Volatility

Bollinger Bands expanded significantly during the breakout phase, with price pushing above the upper band for multiple 15-minute periods. This suggests heightened volatility and a strong move out of consolidation. As the bands begin to contract around $3.02–$3.05, watch for a potential resumption of directional movement or a range-bound phase.

Volume & Turnover

Volume spiked during the breakout above $3.00 and again near $3.08, confirming the strength of the move. However, a divergence appeared in the last 2 hours as price pushed to $3.10, while volume declined slightly, suggesting possible exhaustion. Turnover peaked at $1.8 million during the $2.99–$3.01 surge, reinforcing bullish sentiment.

Fibonacci Retracements

Key Fibonacci retracements on the 15-minute chart show 61.8% at $3.08 and 78.6% near $3.12–$3.13. Daily chart levels indicate the 61.8% retracement at $3.03–$3.04, which has held as a key support/resistance pivot. Price may test the 38.2% level at $2.96 if a pullback occurs.

Backtest Hypothesis

A potential backtest strategy could be to enter long on a close above the 61.8% Fibonacci retracement level of the recent swing low, with a stop below the nearest support at $3.01. This aligns with the 20 EMA crossover and a bullish MACD. Given the volume confirmation and pattern, this strategy could capture a continuation move toward $3.13 or higher, though a failed test could trigger a retest of $2.96.