coindesk.com
$NEAR Protocol has emerged as a bright spot in the cryptocurrency sector, surging 6.1% over the past 24 hours despite the uncertain macroeconomic environment.
The token established solid support at $2.174 before decisively breaking above the $2.300 resistance level with above-average trading volume.
The recovery comes after a market-wide sell-off last week due to the escalating conflict in the middle east between Iran and Israel.
Investors are closely monitoring how traditional market volatility might impact digital assets, with $NEAR's recent price action suggesting some cryptocurrencies may offer relative stability during periods of global economic uncertainty.
Technical Analysis
- $NEAR-USD climbed from $2.219 to $2.350, representing a 6.1% gain with a price range of $0.182.
- The token established a solid support level at $2.174 during the early hours.
- A decisive breakout above $2.300 occurred with significantly above-average volume (3.05M) in the 13:00 hour.
- Key resistance levels at $2.324 were overcome as the price formed a series of higher lows.
- Strong buying momentum emerged during the 01:00-02:00 and 05:00-07:00 periods.
- In the last hour, $NEAR-USD experienced a significant bullish breakout, surging from $2.321 to $2.353 (1.38% gain).
- A key resistance level at $2.324 was decisively broken at 13:30.
- The token briefly reached a local high of $2.354 at 14:00 before minor consolidation.
- New support established at $2.348, suggesting continued bullish sentiment.