The cryptocurrency market, which faced tough times at the beginning of 2025, is now showing signs of recovery, particularly for Near Protocol.
Market Recovery
Following a 45% drop in Q1 2025, the crypto market has rebounded. Ethereum (ETH) has risen by 58% over the past 30 days, positively affecting other altcoins.
Elliott Wave Analysis
A classic **5-wave Elliott Impulse pattern** is forming on the daily chart for Near Protocol, often signaling continued bullish momentum. This pattern has already lifted NEAR by about 42% from its initial breakout point.
1. Wave 3 peaked around $3.38, triggering a correction. 2. The price then retraced to $2.64, forming Wave 4 with a 21% decline from Wave 3's high. 3. NEAR is now bouncing back from that dip, trading around $2.74 and firmly above the 100-day moving average.
Future Outlook
The 100-day moving average ($2.64-$2.72) is the key short-term support to watch. Holding above this level will be critical for the bullish setup to remain valid. If NEAR breaks this support, the next significant level to test would be the 50-day MA near $2.46.
Market conditions and Ethereum's movements will play a crucial role in determining Near Protocol's future behavior. Close monitoring of support levels may aid in assessing future moves.
