The price of token $NEAR decreased.
The AI-focused asset fell by 2% on Tuesday, reflecting a broader weakness in the altcoin market, and a negative response to a governance proposal made by trading company D,WF La,bs.
D,WF proposed reducing inflation $NEAR from 5% to 2.5%. While this may have a positive effect on prices, as the tokens will become scarcer, network validators may migrate to other networks if their rewards significantly decrease, raising concerns about the potential lack of decentralization.
Technical analysis for $NEAR
The period from 19:00 to 20:00 on June 30 saw a peak at the highest price point, followed by consistent lower highs, indicating ongoing selling pressure that may test the nearby support area.
In the last 60 minutes of July 1, from 13:06 to 14:05, the #NEARUSDT pair showed strong upward momentum, rising from $2.08 to $2.10, recording an increase of 1%.
The price movement formed a clear upward channel with higher lows and highs, particularly accelerating between 13:25 and 13:33 when the price broke through the resistance level of $2.08 and quickly established a support level at $2.09.
Trading volume experienced a noticeable spike between 13:40 and 13:41, leading to a brief dip to $2.08 before buyers stepped in, pushing the price to the session's high of $2.10 by 14:05.
This recovery from mid-session lows confirms the strength of underlying demand and indicates the potential for continued upward momentum.
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