- NEAR has gained 8.5% in 24 hours, testing resistance at $2.36 after rebounding from $2.13 support.
- A descending broadening wedge has formed on the 6H chart, with a breakout target of $3.10.
- Price action remains volatile, but momentum is building near the upper boundary of the wedge.
NEAR Protocol’s price action has formed a clear descending broadening wedge on the 6-hour chart, marking an extended period of lower highs and lower lows since early May. However, the structure now faces a potential shift as price approaches the upper boundary of this formation.
On July 3rd, NEAR traded at $2.32, registering an 8.5% increase over the past 24 hours. This movement pushed the asset to test a significant resistance zone around $2.36. The price has also climbed by 6.4% against Bitcoin in the same time frame, reflecting broader strength within the digital asset’s short-term outlook.
Price Testing Upper Resistance with Rising Momentum
NEAR’s price has steadily risen from the recent support near $2.13, recovering from mid-June lows that approached $1.75. Over the last few sessions, price action has climbed through key intraday levels, with momentum building as candles push toward the upper edge of the wedge.
The chart setup suggests a potential breakout from the upper trendline, which could open room for further gains. A projected target zone lies around the $3.10 level, indicating a possible 21.10% upside from current prices.
Pattern Structure and Technical Levels in Focus
The descending broadening wedge spans from early May and has remained intact for nearly two months. Each price dip within the wedge found support lower than the previous one, forming a widening pattern with lower resistance highs.
Currently, support remains at $2.13, which was recently tested in the build-up to the recent rebound. As buying volume builds beyond that area, the upper resistance at $2.36 becomes the palace to break out and stay above. The measured move from a confirmed bullish breakout projects a continuation toward the highlighted $3.10 area.
Short-Term Volatility and Market Reaction
Within the last 24 hours, NEAR’s price fluctuated inside a tight range between $2.13 and $2.36. The asset has shown signs of intraday volatility, but upward movement has been sustained through consistent buying activity. This price behavior aligns with the structure often seen in broadening wedges nearing their breakout zones.
Volume dynamics remain an important metric to monitor, especially if NEAR attempts a close above the wedge resistance. Should that occur, market participants will likely observe increased volatility during the initial breakout stages. Each of these developments aligns around key price levels and timing, emphasizing the importance of the current wedge breakout attempt.
