Bitcoin [BTC] has been at a rough spot in the cycle, with sentiment pessimistic as seller pressure took over in recent weeks. The correction drove BTC to a local low of $76.6K. Combined with strong spot ETF outflows measuring $650 million a few days ago, AMBCrypto reported that rising fear had not yet given way to outright panic.
This outlined a slightly hopeful short-term future for the leading crypto. In turn, it could translate to gains in the altcoin market, or at least among select tokens showing relative strength.
NEAR is one of the altcoins to keep an eye on
NEAR Protocol [NEAR] has rallied by 22.6% in the last 24 hours, making it one of the strongest altcoins among the top-50 crypto assets. Its latest rally measured 44.66% since making the $1.47 low on Sunday, 17 May.
Coinalyze data revealed a 51.15% hike in Open Interest within a day, with the funding rates being firmly bullish too. The intense speculative interest and the strong short-term gains threatened a bullish structural break too.
Since February 2025, NEAR has been on a bearish long-term trend. The latest leg south occurred in February, taking the altcoin down from $1.89 to $0.84 – A 55.6% slide in a month.
This suggested that the token had been on a firm bearish trend, and its structure remained unchanged. That has quickly changed since though. The rally over the past 24 hours made a daily session close above the $1.89 swing high – At $1.92.
A successful close above the high meant a bullish structural shift. That does not necessarily mean buyers should rush in immediately. Instead, swing traders and investors have reason to flip their bias long, though sentiment was mixed.
Traders’ call to action – Wait to buy the pullback
The 1-day structure shifted bullishly, with the H4 structure already bullish too. At the time of writing, would-be NEAR buyers would be better served waiting for a retracement into the discount area (below the 50% retracement level) than buying at market prices.
The upward momentum was strong, but the risk-to-reward was low because a good chunk of the move has already occurred.
Therefore, a price drop back below the $1.89 swing high, into the $1.7 golden pocket, would be welcome. Instead of showing a failed bullish shift, it would indicate a healthy pullback and a buying opportunity.
Final Summary
- NEAR Protocol has been one of the altcoins showing considerable bullish strength in the short-term.
- Altcoin had been moving within a higher timeframe bearish trend for just over 8 months.
