NEAR Protocol Tests Key Support, Analysts Eye Potential Rebound
NEAR Protocol (NEAR) is showing signs of a potential short-term rebound after a recent pullback, with analysts pointing to key technical levels that could signal a trend continuation.
The token’s price declined by 2.87% over the past 24 hours, bringing it to a current trading value of $1.23. Despite the dip, NEAR is testing a crucial support zone, and short-term charts indicate a bullish trend. According to data from CoinMarketCap, NEAR has a 24-hour trading volume of $339.2 million and a market capitalization of $1.60 billion.
Crypto analyst CryptoPulse noted that NEAR appears to be forming a higher low, a pattern often associated with a sustained uptrend. Technical indicators support this view, with the Relative Strength Index (RSI) positioned above the neutral level, suggesting rising buying pressure. The Moving Average Convergence Divergence (MACD) is also signaling an early buy, with its histogram showing positive momentum.
The analysis suggests that if the current support level holds, NEAR could target a short-term price of $1.38. This level represents a key resistance point that traders are watching closely.
Market participants are monitoring whether NEAR can maintain its support and continue its upward trajectory. The token’s ability to hold above this level will be crucial for its near-term price action.
