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NEAR Surges 4.6% as Volume Spikes Amid Volatility
Cryptocurrency shows strong technical breakout with cup-and-handle pattern formation as economic uncertainty drives market volatility.
Jun 4, 2025, 8:09 a.m.
What to know:
- NEAR Protocol demonstrated significant bullish momentum, rallying from $2.479 to $2.593, representing a 4.60% gain.
- US-China trade tensions targeting tech sectors created ripple effects across cryptocurrency markets, including NEAR.
- European Central Bank's signals of potential rate cuts provided a counterbalance to global economic uncertainty.
The latest round of tariffs between economic superpowers has particularly affected technology-related assets, with NEAR Protocol's NEAR experiencing significant price volatility amid the uncertainty.
Meanwhile, central banks are navigating a complex landscape of slowing growth and persistent inflation concerns, creating a challenging environment for both traditional and digital asset markets.
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Technical Analysis
- Notable volume surge occurred during the 13:00-15:00 timeframe when price broke above the $2.53 resistance level, with volume exceeding 3 million units in consecutive hours, confirming strong buyer conviction.
- Price action formed a cup-and-handle pattern with support established at $2.49-$2.50, while the late session recovery from the 21:00 dip suggests renewed buying interest.
- In the last hour, NEAR-USD continued its bullish momentum with a significant price surge from $2.541 to $2.562, representing a 0.82% increase.
- A notable breakout occurred at 01:25-01:26 when price jumped above $2.55 with volume exceeding 116,000 units, confirming strong buyer conviction.
- The hourly chart shows the formation of an ascending channel with support at $2.547 and resistance at $2.562, suggesting potential continuation toward the $2.58-$2.60 range if current momentum persists.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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