NEAR Protocol Targets Breakout Above $5.60 After Recovery
NEAR Protocol has rebounded above $5 after a dip to $4.70, with buyers aiming for a breakout above $5.60. The token is currently trading near $5.16 as it attempts to extend its recovery. Despite several attempts to push higher, selling pressure around $5.60 has limited the advance, with long upper wicks on daily candles indicating persistent resistance.
The $4.70 level has been a key support area, defended by buyers during recent selling attempts. The recovery has preserved the broader upward structure, but NEAR remains below the $5.40-$5.60 resistance zone. A daily close above $5.60 would be significant, potentially setting the stage for a move toward $6.00. However, the breakout remains unconfirmed without clearing this resistance.
NEAR's recent move follows a substantial rally from around $1.60 in August, gaining over 200%. Despite a correction, the token remains well above its August lows and has retained much of its September rally. The daily relative strength index has begun to turn higher after cooling from overbought levels, supporting the recovery within the existing range.
On the downside, $4.60 is a crucial support level. A break below this could weaken the reversal and expose NEAR to approximately $4.20. Conversely, maintaining $5.00 and securing a daily close above $5.60 would strengthen the case for another push toward $6.00.