While global financial markets experience fluctuations, the public debate between U.S. President Donald Trump and Tesla CEO Elon Musk notably creates uncertainty. Amidst this backdrop, the performance of NEAR Protocol in the crypto market is being closely watched by investors and analysts. Despite recent price variabilities, NEAR Protocol has shown significant recovery, finding support at the $2.42 level.
NEAR Coin’s Resilience
NEAR Protocol recently signaled that buyers regained their strength following a sharp 5.2% decline. Analyzing the price chart reveals increased volumes over the $2.42 support level, tested twice, indicating a double-bottom formation in short-term charts. This technical structure supports potential recovery expectations among investors.
NEAR Protocol successfully overcame resistance levels, consolidating its buyer dominance by crossing the critical $2.46–$2.47 range. Such a recovery in a volatile market indicates growing confidence in NEAR Coin.
Technical Analysis of NEAR Coin
The NEAR-USD pair displayed notable volatility over the last 24-hour period. Prices rose to $2.547, then dropped to $2.415, marking a fluctuation exceeding 5%. During the rapid downturn at 8:00 PM on June 4, significant trading volume was recorded at the $2.423 level, establishing an important support point.
At that time, a structure resembling the double-bottom formation emerged, with increased trading volume during the second support test, suggesting accumulation at lower levels. This formation, frequently encountered in technical analysis, signals strengthening buyer sides.
A noticeable upward momentum was observed in NEAR-USD prices recently. The pair surged from $2.433 to $2.455, achieving a 0.9% increase. Increased trading volumes at 07:15 and 07:37 demonstrated buyer interest in the market. After a brief price peak, profit-taking established a new support line at $2.445.
According to analysts and market experts, NEAR Protocol’s recent price movement is considered a positive indicator despite general market insecurity. The abrupt surges in trading volume and technical indicators reveal high expectations of investors on NEAR.
The swift recovery of NEAR Protocol amidst recent price volatilities may indicate rising institutional interest and investor confidence in blockchain-based projects. Especially short-term technical indicators show a prevailing buyer-side movement and a discernible support line. To sustain the price motion supported by buyers, monitoring crucial levels and trading volume developments is advisable. Whether the resilient stance seen in projects like NEAR Protocol forms a confidence element against crypto market uncertainties will become clearer with upcoming price moves.
