Date: Thu, May 29, 2025 | 07:02 AM GMT
The cryptocurrency market has staged an impressive rebound this quarter, with Ethereum (ETH) leading the charge. After climbing over 49% in Q2, ETH is now trading above $2,700 — a level last seen in February. This renewed bullish sentiment is not just limited to ETH. It’s lifting altcoins across the board, including Near Protocol (NEAR).
The AI token has gained over 13% in the last 30 days. While this rally alone is a strong sign of growing investor interest, a developing technical pattern now suggests NEAR may be gearing up for a stronger upside move.
Double Bottom Pattern In Play
A closer look at the 4H chart reveals a double bottom pattern — a bullish reversal setup that often appears after a prolonged downtrend and typically signals a shift in market momentum.
The first bottom of this structure formed on May 14, after NEAR was rejected near the $3.16 level, sparking a steep sell-off. After finding support at $2.64, NEAR bounced over 19%, peaking again near the same $3.16 resistance on May 23. However, the rally faltered, and NEAR retraced roughly 16%, retesting the $2.63 support zone — thus forming the second bottom.
Since then, NEAR has rebounded sharply and is currently trading around $2.93, reflecting strong accumulation and rising bullish momentum around this key demand zone.
What’s Next for NEAR?
If the double bottom pattern completes successfully, NEAR could soon test the neckline resistance at $3.16. A breakout above this level — especially with a confirmation retest — could open the doors for a move toward $3.68, the pattern’s projected technical target. That would represent a potential 25% upside from current levels.
Meanwhile, traders are also watching Ethereum (ETH) closely, as it attempts to confirm a breakout above the $2,700 mark. Continued strength in ETH could serve as a broader catalyst for altcoins like NEAR.
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