Date: Tue, June 10, 2025 | 09:06 AM GMT
The cryptocurrency market is making an impressive upside move over the last 24 hours, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC is trading above $109K, while ETH has jumped by 7% to reach $2,675. The renewed bullish momentum is sparking fresh interest across the major altcoins, including Near Protocol (NEAR).
NEAR has bounced back with a 4% jump today, and a well-known harmonic pattern forming on its chart suggests that further upside could be on the horizon.
Bearish Cypher Harmonic Pattern in Play
A look at the 4-hour chart shows that NEAR is forming a Bearish Cypher harmonic pattern—a structure typically associated with bullish price continuation before encountering a potential reversal at higher levels.
Currently, NEAR is trading near $2.50, and the pattern suggests that price action is heading toward the $2.82–$2.98 CD Leg—the potential reversal zone (PRZ) where the harmonic pattern completes. This area aligns with the 0.786 and 1.0 Fibonacci extensions, which are widely used to anticipate the final leg of Cypher formations.
If this harmonic setup plays out as expected, NEAR could rise another 12%–19% from current levels before facing major resistance.
What’s Next for NEAR?
The upcoming trading sessions will be crucial in confirming this bullish scenario. A continued rally toward the $2.82–$2.98 PRZ would validate the pattern and likely draw the attention of technical traders looking to ride the trend. However, traders should be mindful that this zone may also trigger profit-taking or a brief pullback, as is common when harmonic patterns reach their terminal points.
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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