The rising tension in the Middle East between Iran and Israel continues to impact the cryptocurrency market, leading to a significant drop in several altcoins.
Despite the impressive achievement of the protocol $NEAR
With 46 million monthly users, the token has struggled to maintain price stability in the current geopolitical climate.
It is currently trading at $2.11 after dropping from a high of $2.38.
Technical Analysis
$NEAR experienced a significant correction, dropping from $2.387 to $2.189, representing a decline of 8.29%.
A noticeable increase in trading volume occurred during the hours 22:00-00:00 when prices fell below the support level of $2.30.
Trading volume exceeded 6.5 million in one hour - nearly three times the daily average.
The price movement formed a downward channel with resistance 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.
A modest recovery from $2.189 suggests potential stabilization if buyers defend the current support.
In the last hour, $NEAR showed significant volatility, rising from $2.200 to $2.218 before correcting to $2.199.
A clear upward channel formed between 13:05-13:35, gaining 8.5% with notable increases in volume.
Strong rejection at the resistance level of $2.218 led to a quick sell-off between 13:41-13:44.
Selling volume exceeded 100,000 units, confirming the bearish reversal.
A new support was established at $2.198, aligning with the lower boundary of the downward channel. #NEAR #NEARUSDT
