NEAR Protocol is currently struggling to maintain its upward trajectory following a massive rally throughout September. The cryptocurrency is facing significant resistance between $5.40 and $5.60, raising the possibility of a triple-top pattern that could trigger a price correction.
The 200% climb from August's $1.60 low
NEAR Protocol underwent an extraordinary period of growth throughout the late summer and early autumn. According to the report, the asset surged from approximately $1.60 in August to a peak near $5.60 in September. This massive advance included a mid-September move where NEAR accelerated past the $2.50 mark, effectively doubling its value in the subsequent weeks.
This rapid appreciation has left the token trading around $5.29, but the momentum appears to be hitting a ceiling. The asset has made three distinct attempts to establish a new high, but each has been met with selling pressure in the $5.40 to $5.60 zone. The first attempt saw a quick wick toward $5.60 before a sharp reversal, followed by a second rejection near $5.50.
Waning momentum as MACD and RSI signals shift
Technical indicators are beginning to suggest that the aggressive buying seen in September may be cooling off. As reported by the source, the Relative Strength Index (RSI) previously entered overbought territory during the rally but has since declined even as NEAR stays near its recent highs. Additionally , the MACD has crossed downward, a technical signal that often precedes a loss of upward momentum.
Despite these bearish signals, the broader trend for NEAR Protocol remains remarkably resilient. The asset is currently trading substantially above all its major moving averages. Specifically, the shortest moving average is trending upward toward the $4.25 level, suggesting that the long-term structure has not yet broken .
The battle for the $5.00 psychological floor
The immediate focus for market participants is whether NEAR Protocol can defend the psychologically significant $5.00 level. The report identifies this threshold as the primary battleground between buyers and sellers. If the price fails to hold $5.00, the asset could see a much deeper correction toward the $4.70-$4.80 support zone.
A daily close below $4.70 would be particularly consequential, as it could confirm that the repeated failures near $5.50 are part of a broader trend reversal rather than a temporary consolidation.
Will a decisive break above $5.60 invalidate the bearish thesis?
A central quetion for traders is whether the current price action is truly forming a triple-top pattern or if it is merely a period of consolidation. The source notes that a triple-top is not officially confirmed until the structure's support is broken, rather than just failing at resistance.
This leaves two primary scenarios: either NEAR Protocol breaks through the $5.60 resistance to expose the $6.00 level, or it fails to maintain its current range and tests the $4.70 support. Until a decisive move occurs, the market remains in a state of uncertainty regarding whether the September rally is over or simply taking a breather.
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