NEAR Protocol Tests $2 Resistance After 20% Rally Signaling Potential Breakout to $3

TLDR:

• NEAR Protocol rallied over 20% from capitulation low at $1.43 to test $1.80-$2.00 resistance zone.
• RSI reclaimed the 50 midline at 58, signaling a momentum regime shift favoring buyers over sellers.
• MACD completed bullish crossover with expanding green histogram confirming accelerating upside pace.
• Breakout above $2 could trigger rapid acceleration toward $3 target with thin overhead resistance.

---

NEAR Protocol has posted gains exceeding 20% following a bottom formation at $1.43. The altcoin now approaches a decisive resistance band between $1.80 and $2.00. 

Technical analysts view this zone as pivotal for determining the token’s next directional move. A successful breakout above $2.00 could open the path toward $3 or higher. Market structure indicates strengthening buyer interest after weeks of bearish pressure.

Technical Structure Shows Signs of Recovery

The cryptocurrency swept into $1.43 during recent trading sessions, marking its lowest valuation since late 2023. This price action represented a capitulation event that removed weak holders from the market. 

Analyst Michaël van de Poppe noted the move effectively reset momentum conditions. Such washouts typically precede trend reversals when buying interest returns to the market.

NEAR has since reclaimed short-term moving averages while printing a series of higher lows. These formations represent classic early-stage signals of trend shifts in technical analysis. 

The token now tests the $1.80 to $2.00 supply zone formed during previous breakdown activity. This resistance band serves as the boundary between consolidation and potential expansion phases.

Above the $2.00 level, overhead resistance appears relatively thin according to chart analysis. Van de Poppe suggests momentum could accelerate rapidly toward the $3 region if buyers reclaim this threshold. 

The price target aligns with prior consolidation ranges observed during earlier trading periods. Market participants are monitoring this zone closely for confirmation of trend reversal.

Momentum Indicators Display Bullish Alignment

The Relative Strength Index currently reads approximately 58 after reclaiming the critical 50 midline. During the preceding downtrend, RSI repeatedly failed below this threshold, confirming bearish control. 

The recent reclaim indicates a momentum regime change where buyers now dominate pullback attempts. Additionally, RSI maintains room for further upside without entering overbought territory.

                                                                  Source: TradingView

The Moving Average Convergence Divergence has completed a bullish crossover with the MACD line surpassing the signal line. Green histogram bars have emerged, indicating positive momentum expansion. 

The angle of ascent suggests more than a technical bounce, according to pattern analysis. Historical data shows similar MACD structures on NEAR preceded multi-week rally periods.

The expanding histogram confirms strengthening upside velocity rather than temporary relief bounces. This development aligns with price action reclaiming key short-term support levels. 

The confluence of RSI reclaim, MACD crossover, and histogram expansion creates a high-probability continuation setup. However, confirmation requires price to break decisively above the identified resistance zone.

The post NEAR Protocol Tests $2 Resistance After 20% Rally Signaling Potential Breakout to $3 appeared first on Blockonomi.