This Chart Pattern on Near Protocol (NEAR) Could Trigger a 30% Rally – Here’s The Key Level To Watch

NEAR Protocol is starting to turn heads as traders watch a key level that could ignite a short-term rally. Crypto analyst Sjuul from AltCryptoGems shared on X that NEAR price is approaching a spot on the chart where two major resistance lines meet

Near Protocol (NEAR) price is heating up as traders watch a key level that could trigger a short-term rally.

As the cryptocurrency market continues to show signs of recovery, several altcoins have come into the spotlight. Among them is Near Protocol (NEAR), which is now approaching a crucial price zone where two major resistance lines converge.

Crypto analyst Sjuul from AltCryptoGems shared on X (formerly Twitter) that NEAR price is nearing the intersection of a horizontal resistance level and a descending trendline. This confluence of resistance at $2.35–$2.40 makes it a pivotal area for both buyers and sellers.

The lower FIB level, which serves as a multiple point of support, is placed at $2.35, while the trendline provides an additional layer of resistance around $2.40. The buildup of resistance at this zone is significant, and a break above it could have broader implications for the NEAR trend.

What might unfold next depends on whether the buyers manage to defend the price above the neckline support, which is also the same as the diagonal trendline, both around $2.35–$2.40, or if the sellers return to push the price lower.

If NEAR price can hold above this support, it would suggest that the downtrend is over and a new upward move has begun. This move could be fueled by the recent double bottom pattern that formed on the 12H chart.

The double bottom pattern is a bullish technical indicator that occurs when the price of a security makes two lows at roughly the same level, followed by a rally. It is often seen as a signal that a trend might be about to reverse.

In the case of NEAR, the double bottom pattern formed around the $2.00 zone. After bouncing off that level twice, the Near Protocol price pushed toward the neckline between $2.35 and $2.40.

After testing the neckline, NEAR broke slightly above it, which also acted as support. This move could be a classic bullish confirmation, one that traders often look for before a bigger move kicks in.

After breaking the neckline, NEAR also managed to break the descending trendline from earlier highs, which is now crossed through the same price zone. This overlap makes $2.35–$2.40 a big deal for both sides of the market.

If the buyers can manage to defend the price above this support, it would suggest that the downtrend is over and a new upward move has already begun.

Near Protocol Price Levels To Watch Moving Forward

With the neckline and trendline both broken, the next resistance level is seen between $2.80 and $3.00. This area corresponds to the previous high before the recent decline.

If momentum builds and the price holds above $2.40, traders could view the next leg upward as a continuation of the double bottom breakout.

Support remains at $2.35–$2.40, which may act as a foundation for future bullish activity. If that support fails, the psychological level at $2.00 would be the next area to monitor. For now, the setup favors buyers, assuming volume remains steady.

“Both H&S and fib suggest a move towards $1.60, but we never got close to that level as buyers stepped in around $2.00 to prevent further decline,” Sjuul added.

Further attention was called to the ongoing setup in his tweet: "Lots of technical confluence as diagonal resistance meets horizontal resistance at the same time and same price zone."

This combination of a double bottom, a resistance break, and a key support retest presents a structured setup. While market sentiment remains mixed across the broader space, technical conditions on NEAR price suggest that a larger move could be forming if current levels hold.