NEAR Protocol Suffers 4% Dip Before Displaying Recovery Amid Market Fluctuations
The cryptocurrency NEAR saw a sudden drop to $2.14 but quickly found support as traders stepped in, indicating possible stability after recent market fluctuations.
Key Insights
- The NEAR Protocol faced notable price fluctuations, dropping to $2.141 before bouncing back, establishing support in the range of $2.14-$2.16.
- Dubai’s VARA has given GAP 3 Partners the inaugural regulated Virtual Asset Investment Advisor license, with one of its founders originating from the NEAR Foundation.
Market Overview
The cryptocurrency market turned positive from June 24 15:00 to June 25 14:00, growing by 2.2% to reach a total market cap of $3.37 trillion. NEAR showed admirable performance amidst this time, recovering its price after substantial swings, thanks to robust buying during critical phases.
Economic Model Proposal
A proposal is currently under consideration to decrease NEAR’s inflation rate from 5% to 2.5%, aimed at fostering long-term sustainability for the blockchain and potentially uplifting token value while improving ecosystem incentives. This proposal is subject to validator voting until the end of July 2025, reflecting NEAR’s dedication to decentralized governance.
Technical Analysis
- The NEAR-USD pair saw major volatility between June 24 15:00 and June 25 14:00, experiencing an overall price range of $0.088 (4.0%).
- A sharp dip to $2.141 at around 09:00 before recovery created a crucial support area between $2.14 and $2.16.
- High trading volumes were registered during peak times, notably over 2.99M and 2.53M during critical candles.
- Possible bullish trends showed signs during the latest trading session, as renewed momentum emerged with above-average volumes, indicating prospects for ongoing recovery.
