The Cryptocurrency Market shows signs of renewed strength as near protocol broke through a key resistance level during the final trade time of July 7. The decisive feature came on unique volume that was 61% higher than the daily average, confirming the validity of breakout from a rising triangle pattern that had formed all day.
Trading data shows nearly-USD established strong support in the range $ 2.16- $ 2.17 with multiple terminations before finally overcoming resistance to $ 2.19- $ 2.20. The breakthrough was particularly remarkable in the 60-minute period, which ended at 1 p.m. 14:04, when it was close to 1.13% from $ 2.17 to $ 2.19, which formed what analysts describe as a textbook and handle pattern.
This technical development comes as the wider crypto market experiences a significant momentum in which Bitcoin crosses $ 109K and approaches its highest height of $ 111,970.
The overall market capitalization of cryptocurrency has been expanded to $ 3.36 trillion on a 40% increase in trade volume, creating favorable conditions for altcoins as close to utilizing improved market atmosphere. Despite NEAR’s positive price actions, the asset remains marked at its highest height of $ 20.42 reached in January 2022. Current technical indicators present a mixed image, with 14 green days out of the last 30, but an RSI of 31.09 that suggests oversolded conditions that could support further improvement.
Technical analysis
- Almost-USD showed remarkable volatility in the 24-hour period from July 6, 15:00 to 7 July 14:00 with a price range from $ 2.16 to $ 2.22, representing a 3.15% turn.
- The asset established key support for $ 2.16- $ 2.17 with multiple jumps, while resistance to $ 2.19- $ 2.20 was eventually overcome over the last hour of unique volume (1.97 m against 24-hour average of 1.22 m).
- The crucial breakout over the $ 2.19 level combined with the formation of a bullish rising triangle pattern throughout the period suggests the potential for continued momentum upward with the next resistance target for $ 2.22.
- During the 60-minute period from July 7, 13:05 to 14:04, near-USD showed a strong bullish trend waving from $ 2.17 to $ 2.19, representing a gain of 1.13%.
- The asset broke through key resistance to $ 2.18 with extraordinary volume tips at 13: 57-13: 58 (143,856 units)form a cup and handle pattern that culminated in a decisive outbreak to $ 2.19.
- Support established to $ 2.16 in the middle period withdrawal (13: 17-13: 20) Held on, with buyers who stepped aggressively to burn the subsequent rally topped at $ 2.19, before less profits arose in the last minutes.
CD20 WHIPSAWS 1.17%before they find support
The CD20 index experienced considerable volatility over the past 24 hours from July 6, 15:00 to 7 July 14:00, with a remarkable price range of 1.17% ($ 21.06) between the high of $ 1,793.57 and low at $ 1,772.50.
After reaching a highlight of the early hours of July 7, the market entered a consolidation phase with a sharp fall of 1.17% to $ 1,772.50 at. 13:00 before he reached $ 1,780.94 at the end of the period, suggesting potential stabilization after the previous volatility.
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