Key Information:
- The NEAR Protocol token has plummeted by 8.29% from $2.387 to $2.189, with substantial trading activity, and established a descending channel with support at $2.19.
- Tensions between Iran and Israel have spurred volatility throughout the cryptocurrency markets, especially impacting NEAR.
- Recent analyses reveal that NEAR formed a bullish trend temporarily, gaining 8.5% before hitting the $2.218 resistance level, after which bearish sentiment was confirmed.
Market Response:
Unfolding tensions in the Middle East are continuing to affect various altcoins, leading to significant price decreases. Despite NEAR Protocol achieving an impressive benchmark of 46 million monthly users, its token has not managed to hold steady amid the turbulent geopolitical environment. Currently, the token is trading at $2.11 after recently dropping from a peak of $2.38.
Technical Analysis Highlights:
- NEAR saw a marked correction, declining from $2.387 to $2.189, an 8.29% drop.
- A significant uptick in trading volume was recorded between 22:00-00:00 hours, resulting in prices breaching the $2.30 support level.
- Trading volume surged past 6.5 million in a single hour, nearly tripling the 24-hour average.
- A descending price channel formed, with resistance at $2.29 and support at $2.19.
- Current consolidation is observed near the lower limit of this channel, and high-volume selling suggests a risk of further declines.
- Recent price fluctuations indicate a modest recovery from $2.189, which could stabilize if buyers maintain the current support level.
In the past hour, NEAR exhibited noticeable volatility, moving from $2.200 to $2.218, then correcting to $2.199. A clear bullish movement was seen between 13:05-13:35, registering an 8.5% gain along with significant volume spikes. However, a strong sell-off was confirmed when prices faced rejection at the $2.218 resistance, with sell-off volumes surpassing 100,000 units, indicating a confirmed downward trend.
