Crypto/Market News
NEAR Protocol Breaks Past $2.19 Resistance Amid Increased Trading Volume
A significant surge in NEAR Protocol's value occurred as it surpassed the crucial $2.19 barrier, fueled by a remarkable trading volume increase. This development coincided with Bitcoin's rise above $109K.
1 min read
Overview
The cryptocurrency market is witnessing a resurgence, particularly marked by NEAR Protocol, which has broken past the $2.19 resistance level during trading on July 7. This decisive move, alongside Bitcoin’s surge past $109,000, indicates a bullish trend.
Key Highlights:
- NEAR Protocol recorded a 61% increase in trading volume with a spike of 1.97 million transactions compared to a 24-hour average of 1.22 million.
- The asset showed strong support in the $2.16 to $2.17 range before finally breaking the $2.19 to $2.20 resistance.
Market Sentiment
The uptick in NEAR’s price has been attributed to Bitcoin’s upward movement, suggesting a correlation that is lifting altcoins in its wake.
Technical Analysis
- Trading patterns indicate a classic cup and handle formation, signaling potential for continued upward momentum.
- The overall cryptocurrency market cap has ballooned to $3.36 trillion with a 40% surge in trading volume.
This development spotlights NEAR Protocol as a key player, even as it remains significantly below its all-time high of $20.42 recorded in January 2022.
