Market Overview: NEAR Protocol/Tether (NEARUSDT)

• NEARUSDT traded in a 2.91–2.99 range, forming key support and resistance levels during consolidation.
• A bullish engulfing pattern emerged around 2.96, while a doji at 2.991 signaled potential indecision.
• Volatility expanded overnight, with price testing a 24-hour high of 2.994 before retreating.
• RSI reached 58.5, suggesting moderate momentum; no overbought/oversold conditions observed.
• Volume spiked during the 12:00–15:00 ET window, aligning with price consolidation near key levels.

The NEAR Protocol/Tether pair (NEARUSDT) opened at 2.92 on 2025-10-07 at 12:00 ET and closed at 2.954 the following day. The 24-hour range was 2.91 to 2.994, with a total volume of ~9,376,218.2 and notional turnover of ~27,434,843.8 USD. The price action reflected moderate bullish bias in the overnight session, followed by a consolidation phase during Asian and European hours.

The candlestick structure highlighted a bullish engulfing pattern at 2.96, indicating potential short-term reversal from a downtrend. A doji at 2.991 and another at 2.951 further emphasized indecision near psychological and Fibonacci levels. Key support levels were identified at 2.91–2.92 and 2.95–2.96, with 2.994 marking a recent swing high. Bollinger Bands showed a slight expansion in volatility overnight, with price closing near the upper band, suggesting potential overbought conditions ahead.

The 15-minute 20SMA and 50SMA crossed to a bullish bias during the 12:00–15:00 ET window, aligning with higher volume. MACD showed a positive divergence with a rising histogram, indicating increasing bullish momentum. RSI hovered around 58.5, suggesting moderate strength with no immediate overbought signs. Fibonacci retracement levels of 38.2% at 2.956 and 61.8% at 2.983 were tested and held during the rally.

The volume profile showed a marked increase in the 00:00–04:00 ET window, with a peak of ~384,877.1 at 04:15 ET. Turnover confirmed the price action, showing positive correlation with the rally. A small divergence appeared in the 06:00–09:00 ET period, as volume decreased despite a tight range. This suggests potential exhaustion in the short-term rally.

Backtest Hypothesis

Given the observed bullish engulfing pattern at 2.96, a potential entry strategy could involve buying on a breakout above 2.975 with a stop-loss below 2.95. The MACD and RSI readings indicate that this entry may have a higher probability of success in the next 12–24 hours, particularly if the pair continues to hold above the 50SMA and 20SMA. A target of 2.99–3.01 aligns with the Fibonacci 61.8% retracement and recent swing highs, with risk management key to navigating potential pullbacks into the 2.94–2.95 support range.