The cryptocurrency sphere stirred yesterday as NEAR Protocol muscled past a pivotal resistance level, closing the day on a high note. This decisive maneuver unfolded during the last trading hour of July 7, backed by a remarkable 61% increase in trading volume, which affirmed the breakout from an ascending triangle pattern—a classic technical indicator of potential upward momentum.
NEAR’s Breakthrough: A Closer Look
Trading data indicates that NEAR-USD found robust support in the $2.16 to $2.17 range. These support levels were tested multiple times before the price surged, breaking through the resistance at $2.19 to $2.20. The critical moment arrived in the 60-minute window ending at 14:04, when NEAR leapt 1.13% from $2.17 to $2.19. Analysts were quick to highlight the formation of a textbook cup and handle pattern during this period—a bullish signal that often precedes price rallies.
The broader cryptocurrency market is also riding a wave of positive energy, with Bitcoin flirting with its all-time high by crossing the $109,000 mark. The total cryptocurrency market cap has ballooned to an impressive $3.36 trillion, buoyed by a 40% surge in trading volume. These conditions create a fertile ground for altcoins like NEAR to thrive. This trend is mirrored in the performance of other altcoins, as detailed in Cardano’s ADA Rises as Altcoin Trading Volume Surges Amid Broader Rally.
Despite the optimism, NEAR’s price action remains a shadow of its former glory, still far below its all-time high of $20.42 reached back in January 2022. The market dynamics show a mixed picture, with 14 green days recorded out of the last 30, yet an RSI of 31.09 suggests that the asset might be oversold—hinting at a potential for recovery.
Market Dynamics and Technical Indicators
Over the 24-hour stretch from July 6 at 15:00 to July 7 at 14:00, NEAR-USD displayed notable volatility. The price oscillated between $2.16 and $2.22, a 3.15% swing. It’s noteworthy that the asset established significant support at $2.16-$2.17, while the resistance at $2.19-$2.20 was conquered with exceptional trading volume. The volume spike—1.97 million compared to the 24-hour average of 1.22 million—was a key factor in the decisive breakout.
The formation of a bullish ascending triangle pattern during this time suggests that NEAR could maintain its upward trajectory, with eyes set on the next resistance at $2.22. During the crucial one-hour window from 13:05 to 14:04, NEAR-USD showcased a strong bullish trend. The asset surged from $2.17 to $2.19, marking a 1.13% gain—breaking through the $2.18 resistance with significant volume spikes (143,856 units between 13:57 and 13:58). This activity painted a classic cup and handle pattern, culminating in a robust breakout to $2.19.
The Path Forward
As NEAR Protocol continues its upward march, the market remains watchful. Will this bullish momentum carry NEAR to new heights, or will resistance levels hold firm? The recent price action raises intriguing questions about the sustainability of this rally. Similar bullish trends have been observed in other cryptocurrencies, as highlighted in Dogecoin, Solana, Ethereum Drive Crypto Markets Higher as Bitcoin Stays Flat.
The cryptocurrency landscape is inherently volatile, with rapid shifts and unexpected turns. As NEAR navigates these choppy waters, its future trajectory remains subject to a myriad of factors—from market sentiment to broader economic indicators. Investors and analysts alike will be keeping a keen eye on NEAR’s next moves, eager to see if this breakout is the start of a sustained upward journey or merely a fleeting moment of triumph in a capricious market.
This recent development underscores the dynamic nature of cryptocurrency markets, where fortunes can change in the blink of an eye. As NEAR Protocol steps into uncharted territory, the coming days will undoubtedly provide more twists in this unfolding narrative.
Source
This article is based on: NEAR Protocol Surges Past $2.19 Resistance on 61% Volume Spike
Further Reading
Deepen your understanding with these related articles:
- Why Altcoin Traders Must Shift From Buy-and-Hold to Smart Trading in 2025
- Altcoin Season Not Remotely Close, Bitcoin Dominance Still Too High: Market Expert Says
- Solana Skyrockets as Bitcoin and Ethereum Grind Higher: Where Do Prices Go Next?
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
