Date: Mon, June 23, 2025 | 12:54 PM GMT
The cryptocurrency market is facing bearish pressure as geopolitical tensions between Israel and Iran escalate. Ethereum (ETH), one of the key indicators for the crypto market’s health, has dropped sharply from a monthly high of $2,877 to $2,250. This correction has weighed heavily on altcoins too—among them, Near Protocol (NEAR), which has seen a 17% weekly drop, deepening its monthly losses to 32%.
But beneath the panic, NEAR might be laying the groundwork for a bullish reversal.
Fractal Suggests Bullish Reversal Ahead
Zooming into NEAR’s daily chart reveals a familiar pattern—the kind that once triggered a strong rally back in late 2024. Back then, NEAR was trapped inside a falling wedge pattern following a steep correction. The token bounced off the wedge’s lower boundary, broke out with conviction, and climbed nearly 88% to test the top of its long-term descending channel.
Fast forward to now, NEAR seems to be replaying that exact scenario.
Once again, the price is contracting inside a falling wedge while drifting lower toward a crucial horizontal support zone near $1.94. The 100-day moving average—currently at $2.51—is once again acting as dynamic resistance, just like during previous cycles. Historical context shows this zone to be key for either rejection or breakout.
What’s Next for NEAR?
If the fractal continues to play out as it did in late 2024, NEAR could be on the verge of a breakout from the falling wedge. A decisive move above the 100-day moving average and the wedge resistance line could open the door to a rally targeting the upper boundary of the macro descending channel around $7—marking a potential 290% move from current levels.
However, until a breakout occurs, this remains a high-probability setup, not a confirmation. The market remains vulnerable to macro events, especially as the war narrative unfolds. Traders should wait for a clear break of both the wedge and the 100-day MA before considering any bullish positions.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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