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Following
BTC 
ETH 
NEAR 
RENDER 
SUI 
XLM 
XRP NEAR broke through pre-resistance and turned to support, stabilizing at $2.4
NEAR has traded above $2.4 where previous resistance turned to support. Can the altcoin hold this area and rise further? Market expectations are very strong for NEAR to recover a higher target.
As members of the cryptocurrency community noticed that more than a few altcoin assets were steadily rising to recover higher supporting prices, the entire altcoin market continued to show enthusiasm for overall warming. Previously, Bitcoin (BTC) and Ethereum (ETH) broke through key resistance levels one after another, and then several altcoins, including NEAR, followed closely and successfully broke through important resistance levels.
NEAR achieves resistance to support at $2.4
Since the sudden surge in BTC and ETH prices in August, the crypto market has maintained a stable bullish sentiment. Especially in August, the prices of BTC and ETH broke through several key resistance levels and transformed them into support levels in just a few hours. This move completely transformed the overall narrative from a brutal bear market phase to a strong bull market state.
The rally was so strong that analysts who had called for a deeper adjustment and believed that a new bear market bottom would be established in the $40,000 range have now confirmed that the bear market is over and the early stages of the bull market have begun. From here on, these experts are closely watching whether BTC and ETH can break through the last two resistance levels to finally confirm that the bull market is truly here.
Can altcoins hold this area and rise further?
This has led to a slow sideways consolidation over the past week, and BTC and ETH seem to be building for the next wave of gains. This push is expected to push BTC prices to US$88,000 and ETH prices above US$3,000. The steady rise in BTC and ETH prices has prompted stronger increases in the prices of promising altcoins such as XRP, RENDER, SUI, XLM, and NEAR.
NEAR in particular has risen nearly 5% in the past 24 hours and is currently trading at $2.41. In addition, the asset has risen nearly 3% in the past seven days and nearly 50% in the past 30 days. Analysts, who have been waiting for weeks for NEAR to regain the $2 range, are now relieved to see the asset trading above $2.4, where previous resistance turned into support.
As the above post shows, the well-known cryptocurrency trader said that NEAR needs to stabilize at this position to recover previous resistance and transform it into support. This region is the $2.4 price range. If the area successfully converts to support, NEAR will hit the high again. Conversely, if Bitcoin showed a lower retracement at the beginning of the week, we might see an opportunity for NEAR to be bought around $2.05, which is still a very positive signal for its bullish momentum.
