Key Points:
- NEAR sees a 6.7% increase to $2.66, influenced by a surge in altcoin activity coinciding with Bitcoin’s record at $123,000.
- Technical indicators show a confirmed breakout, with stable support set at $2.51 and a V-shaped reversal confirmed by a significant volume increase exceeding 143K units.
- Resistance has shifted to support levels at $2.62–$2.64, with upcoming targets positioned at $2.70–$2.72.
NEAR’s price climbed by 6.7% in the last 24 hours, aimed at capitalizing on a budding altcoin season following Bitcoin’s new all-time high of $123,000. The token’s price soared from $2.55 to $2.66, marking a notable 7% increase.
NEAR/USD (CoinDesk Data)
Support has been shown to hold at $2.51, paving the way for a breakout that pushed prices to $2.69 across a four-hour duration. It should be noted that NEAR remains significantly below its 2024 peak of $9.00, which was prompted by interest in AI-driven tokens following the debut of applications like ChatGPT.
Technical Indicators Summary:
- Support confirmed at $2.51 while in consolidation phases.
- Continued buying pressure above $2.62-$2.64, with former resistance now acting as support.
- Patterns of higher lows emerged throughout the recovery.
- A V-shaped reversal was completed with a spike in trade volume of 143,188 units.
- A breakout over $2.67 confirms bullish momentum, with resistance targets now looking toward levels of $2.70-$2.72.
