Global markets are navigating heightened uncertainty following a public spat between U.S. President Donald Trump and Tesla CEO Elon Musk.
NEAR Protocol has demonstrated resilience amid this volatility, recovering from a sharp 5.2% decline to establish support at $2.42.
The recent price action shows promising signs of accumulation, with increasing volume on the second test of support forming a potential double bottom pattern on short time frames.
This technical structure, combined with the successful break above the $2.46-$2.47 resistance zone, suggests buyers are regaining control despite broader market turbulence.
NEAR’s recovery may indicate growing institutional confidence in blockchain infrastructure projects with real-world utility.
Technical Analysis
- NEAR-USD exhibited substantial volatility over a 24-hour period, with a range of 0.132 (5.2%) between the high of 2.547 and low of 2.415.
- The asset experienced a sharp decline during the 20:00 hour on June 4th, establishing a key support level at 2.423 with above-average volume of 2.69M.
- A potential double bottom pattern formed with increasing volume on the second test of support, suggesting accumulation at lower levels.
- Resistance established around 2.462-2.470, with the current recovery approaching this critical zone.
- In the last hour, NEAR-USD demonstrated significant bullish momentum, climbing from 2.433 to 2.455, representing a 0.9% gain.
- Price action formed a clear uptrend with notable volume spikes at 07:15 (206K) and 07:37 (120K), indicating strong buyer interest.
- A temporary peak of 2.462 was reached at 07:34 before a sharp pullback to 2.445, establishing a new support level.
- Recovery from this dip culminated in a final push to 2.458 at 07:54, followed by consolidation around 2.455.
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