NEAR and GRT Approach Falling Wedge Resistance – Could Breakouts Spark a Recovery?

Date: Sun, February 23, 2025 | 06:47 PM GMT

In the cryptocurrency market this week, major altcoins are showing mixed signs of recovery after facing a significant correction over the past 60 days.

Among the impacted altcoins, two AI Tokens, Near Protocol (NEAR) and The Graph (GRT), have corrected over 35% in the last two months. Both assets are now testing key resistance, and technical indicators suggest a possible reversal could be in play.

Source: Coinmarketcap

Near Protocol (NEAR)

NEAR’s daily chart highlights a falling wedge pattern that formed after a sharp rejection from the December 6 high of $8.24. The correction saw NEAR plummet to a low of $2.72, where it tested the lower trendline of the wedge.

Near Protocol (NEAR) Daily Chart/Coinsprobe (Source: Tradingview)

However, NEAR has now rebounded to $3.41 and is inching towards the upper resistance of the wedge. If the price breaks out and successfully retests this wedge, the next key resistance lies at the 50-day moving average (MA).

A successful move beyond this level could push the price towards the next resistance levels of $4.51 and $6.22, representing an 81% potential upside from the current price.

The Graph (GRT)

The Graph (GRT) is also following a similar falling wedge pattern to NEAR, which formed after a sharp rejection from the December 5 high of $0.34838. The correction saw GRT plummet to a low of $0.078, where it tested the lower trendline of the wedge.

The Graph (GRT) Daily Chart/Coinsprobe (Source: Tradingview)

However, GRT has now rebounded to $0.135 and is approaching the upper resistance of the wedge. If the price breaks out and successfully retests this wedge, the next key resistance lies at the 50-day MA.

A decisive move beyond this level could propel the price towards the next resistance levels of $0.19 and $0.24, representing a 74% potential upside from the current price.

Final Thoughts

Both NEAR and GRT are demonstrating resilience at their respective resistance levels, hinting at the possibility of a trend reversal. The MACD indicator is showing early signs of bullish momentum, with the signal line converging towards a crossover. However, their next moves will largely depend on the broader market conditions, particularly Ethereum (ETH) and Bitcoin (BTC) dominance.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.