The NEAR protocol (NEAR) shows signs of a potential trend reversal. An inverse 'head and shoulders' pattern has formed on the daily timeframe. The price is currently fluctuating around $2.79, just below the resistance neckline around $3.30. Previously, this level served as a strong support zone from November 2024 to February 2025. Now it is the last hurdle before a potential breakout aimed at $3.60–4.00.

In addition to technical adjustments, NEAR benefits from growing bullish fundamental factors. The application for the Bitwise ETF has sparked new institutional interest. Furthermore, the deployment of protocol updates V77 reinforces the arguments for long-term growth. These events enhance the bullish structure forming on the charts.

Since December 2024, NEAR entered a sustained downward trend. This decline formed a falling wedge marked by two converging descending trend lines. The wedge compressed the price movement, leading to a significant low in April, forming the 'Head'.

Prior to this, a smaller drop in March created the 'Left Shoulder'. In May, the price formed a higher low, completing the 'Right Shoulder'. These three points form the textbook inverted 'Head and Shoulders' pattern. The neckline and the upper boundary of the wedge now intersect. This convergence adds more weight to the current breakout scenario. However, volume remains stable, with no strong resistance breakout yet.

Currently, the zone from $3.20 to $3.40 represents strong resistance. NEAR has tested this area multiple times but has not been able to break through. This indicates that traders are waiting for stronger confirmation. However, the price structure has changed positively. The trend now shows a transition from lower lows to a more balanced and symmetrical setup. This shift hints at early accumulation.

Support is located around $2.40, the base of the right shoulder. A break below this level would invalidate the bullish formation. Therefore, traders are closely monitoring this level. The combination of technical and fundamental factors paints a compelling picture. NEAR is at a critical stage. A confirmed breakout could open a rally to $4.00.

$NEAR , $BNB , $SOL

#Market Rebound , #Cryptomarketnews


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