NEAR Protocol Surges Past $2.19 Resistance on 61% Volume Spike

The cryptocurrency market is showing signs of renewed strength as NEAR Protocol broke through a key resistance level during the final trading hour of July 7. The decisive move came on exceptional volume that was 61% higher than the daily average, confirming the validity of the breakout from an ascending triangle pattern that had been forming throughout the day.

Trading data shows NEAR-USD established strong support in the $2.16-$2.17 range with multiple bounces before finally overcoming resistance at $2.19-$2.20. The breakthrough was particularly notable during the 60-minute period ending at 14:04, when NEAR surged 1.13% from $2.17 to $2.19, forming what analysts describe as a textbook cup and handle pattern.

This technical development comes as the broader crypto market experiences significant momentum, with Bitcoin crossing $109K and approaching its all-time high of $111,970.

The total cryptocurrency market capitalization has expanded to $3.36 trillion on a 40% surge in trading volume, 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

• NEAR-USD exhibited notable volatility during the 24-hour period from 6 July 15:00 to 7 July 14:00, 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 (1.97M vs 24-hour average of 1.22M).
• 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 at 13:57-13:58 (143,856 units), 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 (13:17-13:20) 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.

CD20 Whipsaws 1.17% Before Finding Support

The CD20 index experienced significant volatility over the last 24 hours from 6 July 15:00 to 7 July 14:00, with a notable 1.17% price range ($21.06) between the high of $1,793.57 and low of $1,772.50.

After reaching a peak during the early hours of 7 July, the market entered a consolidation phase with a sharp 1.17% decline to $1,772.50 at 13:00 before recovering to $1,780.94 by the end of the period, suggesting potential stabilization following the earlier volatility.

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