Key Highlights:
- NEAR Protocol exhibited notable bullish momentum, climbing from $2.479 to $2.593, a 4.60% increase.
- Escalating US-China trade tensions affecting tech sectors are creating ripple effects across cryptocurrency markets, impacting NEAR.
- The European Central Bank has hinted at potential rate cuts, providing a counterbalance to prevailing economic uncertainty.
The recent tariff conflict between the leading economic powers has heavily influenced technology-oriented assets. NEAR Protocol’s NEAR, now priced at $2.56, experienced considerable price fluctuations due to this instability. Meanwhile, central banks are attempting to navigate a difficult landscape of declining growth and ongoing inflation issues, creating a challenging atmosphere for both traditional and digital markets.
Technical Analysis
- A significant increase in trading volume was observed between 1:00 PM and 3:00 PM, when the price broke past the $2.53 resistance level, with over 3 million units traded consecutively.
- The price formed a cup-and-handle pattern, supported around $2.49-$2.50; a recovery noted late in the session following a 9:00 PM dip indicates renewed buying interest.
- In the recent hour, NEAR-USD continued its upward trend, soaring from $2.541 to $2.562, marking a 0.82% rise.
- A significant breakout was recorded around 1:25 AM with the price surpassing $2.55, as over 116,000 units traded, confirming strong buyer activity.
- The hourly chart indicates the establishment of an ascending channel, with support situated at $2.547 and resistance at $2.562, indicating potential for upward movement towards the $2.58-$2.60 range if momentum persists.
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