- The crypto market shows signs of recovery after a shaky start to 2025, with Ethereum rallying 31% from its April low and sparking optimism across altcoins.
- Near Protocol (NEAR) has dropped 47% year-to-date but recently bounced from a $1.82 low, forming a classic harmonic Cypher pattern that suggests continued upside potential.
- The technical pattern indicates NEAR could rally to $3.25 (representing 25% upside from current levels) as it progresses toward the pattern's completion point.
- If NEAR breaks above the $3.25 resistance zone with strong volume, it could target a full recovery to $3.63, representing a potential 40% gain from current prices.
Date: Fri, May 02, 2025 | 02:52 PM GMT
After a shaky start to 2025—highlighted by Ethereum (ETH) crashing 45% in Q1—the crypto market has begun to show signs of life. ETH has rallied nearly 31% from its April 7 low, igniting optimism across the board. And now, that renewed bullish momentum is starting to spill over into key altcoins.
Interestingly, one well-known AI-linked token that hasn’t yet fully joined the rebound—Near Protocol (NEAR)—might be gearing up for its moment. After a 47% year-to-date drop, NEAR have recently made a bounce from a low of $1.82 and now a classic harmonic Cypher pattern now hints that this recovery rally could continue even further.
Harmonic Pattern Signals More Upside
On the daily chart, NEAR is forming a Bearish Cypher Pattern, but we’re still in the upside leg (CD), suggesting room for a further rally before the structure completes.
The downtrend started around February 22, with NEAR failing to hold above the $3.63 resistance (marked as point X). That failure led to a steep 49% drop, bottoming out near $1.78 on April 9 (point C).
Since then, NEAR has started recovering, currently trading around $2.58, and progressing steadily toward the pattern’s point D, which lies near $3.25 — also aligning with the 78.6% Fibonacci retracement of the XA leg.
This implies a potential 25% upside from current levels if the pattern completes as expected.
What’s Ahead?
If this bullish momentum continues, the $3.25 zone will be a key level to watch. It not only completes the Cypher pattern but also serves as a strong resistance level. A rejection from this zone is possible, so traders should monitor price action closely around point D.
However, if NEAR manages to break above $3.25 with strong volume, a full recovery toward point X at $3.63 could come into play — representing a 40% gain from the current price.
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