NEAR Protocol (NEAR) Looks for a rebound opportunity under the wedge pattern support

Price Trend Continues Under Pressure

NEAR Protocol is still struggling amid ongoing downward pressure. According to the latest data, NEAR is currently priced at $1.68, down 0.89% in the past 24 hours. However, it is worth noting that the weekly performance shows positive signals, with a 7-day increase of +2.15%. The 24-hour trading volume reached $3.44M, with a circulating market cap of approximately $2.16B, and market activity remains at a moderate level.

Compared to the recent low of $1.46, the current price has gained some breathing room. However, from a broader time frame, NEAR has declined nearly 8% last week, indicating that the bears are still exerting pressure.

Wedge Pattern Indicates an Upcoming Turn

On the technical side, NEAR has formed a classic descending wedge pattern on the 4-hour chart. The key feature of this pattern is the creation of lower highs and lower lows, with the price gradually contracting toward the wedge’s apex. Traditional technical analysis suggests that when such a falling wedge pattern forms and breaks out effectively, it often signals a reversal.

Currently, NEAR’s price is temporarily stabilizing in the $1.50-$1.52 range, with initial support around $1.48. If the price can break above the wedge’s resistance line and hold above $1.60, it could trigger further upward momentum.

Clear Upward Targets

Assuming the wedge breakout is confirmed, the technical target levels are distributed in stages: the first target is at $1.70, followed by a mid-term key level at $1.90. The $2.10 level is seen as an important structural resistance. Based on the full breakout of the wedge pattern, the price could extend to the $2.25-$2.35 range, representing over 40% upside potential from the current position.

Downside Risks Also Need Attention

Conversely, if the rebound momentum is insufficient, NEAR faces the risk of testing lower levels step by step. Short-term support levels are at $1.48 and $1.40, with deeper structural support around $1.32. A break below this level could pose a trend-level risk.

The current market is in a phase of relatively low volatility and consolidation, which often indicates that a significant directional breakout is brewing.

Technical Indicators Show Weakness but Signal a Turn

The daily RSI currently hovers around 35, well below the midpoint of 50, reflecting the dominance of the bears and the relative weakness of the buyers. The lack of new highs suggests sustained selling pressure.

The MACD indicator also signals weakness: the fast line is below the slow line, and the histogram hovers near negative territory. However, it is worth noting that the red bars are gradually shrinking. Historical experience shows that when this indicator completes a death cross and forms a golden cross, it often marks a momentum reversal and a technical signal for NEAR to initiate a meaningful rebound.

Key Observation Points

At present, although NEAR remains under bear control, the combination of wedge pattern and indicator signals creates ample room for a subsequent rebound. The key is whether the price can be effectively protected at short-term support levels, thereby creating conditions for an upward breakout.