- Near Protocol (NEAR) is trading 4% lower on the day with weekly losses extending to 8% as cryptocurrency market weakness continues.
- NEAR appears to be forming a bullish Gartley harmonic pattern on the daily chart, with price moving into the final leg (CD) toward a Potential Reversal Zone (PRZ).
- The PRZ is positioned near the 0.786 Fibonacci retracement at $2.07, which historically acts as a launchpad for bullish reversals.
- If NEAR bounces from $2.07, the pattern suggests recovery targets at $2.70 (0.618 retracement) and $3.09, but failure to hold above $2.07 would invalidate the bullish setup.
Date: Mon, Sept 01, 2025 | 07:20 AM GMT
The cryptocurrency market continues to navigate choppy waters as Ethereum (ETH) hovers near $4,400, down from its recent peak of $4,954, marking a 5% weekly decline. This weakness has spilled over into major altcoins, including Near Protocol (NEAR).
Currently, NEAR is trading 4% lower on the day, extending its weekly losses to 8%. But beneath the surface, the chart is highlighting a potential harmonic setup, suggesting the token could face a bit more downside before staging a meaningful rebound.
Bullish Gartley Harmonic Pattern in Play?
On the daily chart, NEAR appears to be forming a bullish Gartley harmonic pattern. The recent decline has brought the price into the final leg of the structure (CD), moving closer to the Potential Reversal Zone (PRZ).
This PRZ is sitting near the 0.786 Fibonacci retracement of the XA leg, aligning almost perfectly with the $2.07 level. Historically, this zone often acts as a launchpad for bullish reversals, provided buyers step in with enough momentum.
What’s Next for NEAR?
If NEAR confirms a bounce at the $2.07 PRZ, the Gartley pattern suggests a recovery move toward higher Fibonacci levels. The first key resistance lies near the 0.618 retracement at $2.70, followed by a potential full extension target around $3.09.
On the flip side, caution remains essential. Should NEAR fail to hold above $2.07, the bullish harmonic setup would be invalidated, exposing the token to further downside risk.
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