Date: Wed, Nov 05, 2025 | 10:10 AM GMT
The cryptocurrency market is showing minor signs of relief after the sharp sell-off witnessed over the last two days that pushed Bitcoin (BTC) down to the $98K region before rebounding to around $102K. Total liquidations have now reached roughly $1.72 billion, underscoring the intense volatility currently gripping the crypto derivatives market.
This turbulence has kept significant pressure on major altcoins, including Near Protocol (NEAR), which has recorded a steep 37% monthly decline. However, its technical setup is now hinting at a potential short-term rebound — as it continues to hold a crucial support zone that could decide its next move.
Source: Coinmarketcap
Descending Broadening Wedge in Play
On the 4-hour chart, NEAR continues to trade within a descending broadening wedge, a bullish reversal pattern that typically appears during prolonged corrective phases.
In the most recent correction, NEAR faced rejection near the wedge’s upper boundary around $2.206, prompting a pullback toward the lower trendline near $1.722. Encouragingly, buyers have stepped in around this zone, as the token now trades at $1.853, hovering slightly above both the wedge support and its recent local lows.
Near Protocol (NEAR) 4H Chart/Coinsprobe (Source: Tradingview)
This region has acted as a dynamic support multiple times before, indicating that bulls are actively defending this level to maintain the broader bullish reversal setup.
What’s Next for NEAR?
If buyers continue to hold the lower wedge boundary, NEAR could start building momentum for a rebound toward the upper resistance zone near $2.05. A decisive breakout above that level would confirm a bullish continuation pattern, potentially paving the way for a stronger recovery phase in the coming sessions.
On the flip side, a break below the $1.722 support would invalidate the bullish setup and could trigger a deeper retracement, exposing NEAR to further downside pressure as sellers regain control.
For now, NEAR’s technical structure leans cautiously optimistic — the descending broadening wedge remains intact, and the recent defense of support suggests that a rebound attempt may soon be underway if overall market sentiment stabilizes.
