The escalating tensions in the Middle East between Iran and Israel continue to negatively impact the cryptocurrency market, resulting in a significant decline in the value of several altcoins.
Despite the remarkable achievement of the protocol $NEAR
With 46 million monthly users, the cryptocurrency has struggled to maintain price stability amid current geopolitical conditions.
Currently trading at $2.11 after dropping from its peak of $2.38.
Technical analysis
The currency $NEAR experienced a notable correction, dropping from $2.387 to $2.189, a decrease of 8.29%.
Trading volumes saw a significant increase from 10:00 PM to 12:00 AM, when prices fell below the support level of $2.30.
Trading volume exceeded 6.5 million in one hour, nearly three times the 24-hour average.
The price movement formed a downward channel with a resistance level at $2.29 and support at $2.19.
Recent consolidation occurred near the lower boundary of the channel. • High-volume selling pressure indicates further downside risks.
The slight recovery from $2.189 indicates potential stability if buyers maintain the current support level.
In the last hour, the stock $NEAR showed significant fluctuations, rising from $2.200 to $2.218 before correcting its path to $2.199.
A clear upward channel formed between 1:05 PM and 1:35 PM, recording an increase of 8.5% with a notable rise in trading volume.
Strong rejection at the resistance level of $2.218 led to a rapid sell-off between 1:41 PM and 1:44 PM.
Sales volume exceeded 100,000 units, confirming the reversal of the downward trend.
A new support was established at $2.198, aligning with the lower boundary of the downward channel.
