The cryptocurrency market is displaying revitalized energy, particularly as NEAR Protocol successfully broke through a critical resistance level during the last trading hour on July 7. This significant movement occurred on extraordinary volume, 61% above the daily average, verifying the breakout from an ascending triangle pattern that had been developing throughout the day.
Trading data indicates that NEAR-USD formed robust support around the $2.16-$2.17 range with multiple rebounds before surpassing resistance at $2.19-$2.20. The notable surge occurred in the 60-minute period wrapping up at 14:04, when NEAR jumped 1.13% from $2.17 to $2.19, creating a classic cup and handle pattern as described by analysts.
This technical progress coincides with a broader upswing in the crypto market, where Bitcoin has crossed $109K and is closing in on its all-time high of $111,970.
The total cryptocurrency market cap has risen to $3.36 trillion, buoyed by a 40% hike in trading volume, fostering an environment conducive for altcoins like NEAR to exploit enhanced market sentiment. Despite this uplifting price movement, NEAR still significantly lags behind its all-time high of $20.42 set in January 2022. Current technical indicators reveal a mixed trend, showing 14 green days out of the last 30, while an RSI of 31.09 suggests oversold conditions that could facilitate further recovery.
Technical analysis
- NEAR-USD showed considerable volatility from July 6, 15:00 to July 7, 14:00, with a price range of $2.16 to $2.22—a 3.15% swing.
- The asset established crucial support at $2.16-$2.17 with multiple bounces, while resistance at $2.19-$2.20 was finally breached in the last hour on substantial volume.
- This decisive rise above the $2.19 mark, coupled with the formation of a bullish ascending triangle pattern throughout the period, hints at the potential for ongoing upward movement, with the next resistance target at $2.22.
- During the hour from July 7, 13:05 to 14:04, NEAR-USD exhibited a strong bullish trajectory, climbing from $2.17 to $2.19, representing a 1.13% increase.
- The asset broke through major resistance at $2.18 with significant volume spikes, forming a cup and handle pattern that led to the breakout at $2.19.
- Support established at $2.16 during a mid-period pullback held strong, with buyers stepping in aggressively to propel the rally that peaked at $2.19 before minor profit-taking in the final moments.
RialCenter Whipsaws 1.17% Before Finding Support
The RialCenter index experienced significant fluctuations over the last 24 hours from July 6, 15:00 to July 7, 14:00, with a noteworthy 1.17% price range between a high of $1,793.57 and a low of $1,772.50.
After peaking in the early hours of July 7, the market entered a consolidation phase, plummeting 1.17% to $1,772.50 at 13:00 before rebounding to $1,780.94 by the period’s end, suggesting possible stabilization following the earlier volatility.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see RialCenter’s full AI Policy.
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