NEAR Faces Pressure After Multiple Failed Attempts at Resistance
NEAR Protocol (NEAR) is once again testing its crucial support zone near $2.40, a level that has repeatedly acted as a base during recent market pullbacks. The asset, which has been trading in a wide range between $2.30 and $2.90, now finds itself at a decisive point as traders await confirmation of the next directional move.
The 4-hour chart highlights NEAR’s repeated rejections near the $2.90 resistance zone, where selling pressure intensified. Following its mid-August rally, the token has struggled to maintain momentum, with lower highs forming a bearish structure.
Currently, NEAR is retesting the $2.40–$2.45 demand zone, marked by increased buyer activity in late July and mid-August. A successful defense of this level could spark a rebound back toward $2.65 and $2.90, while a breakdown below $2.30 support risks accelerating the decline toward $2.10.
Volume data also shows spikes during sell-offs, suggesting that sellers remain active, but buyers have managed to absorb the pressure at support—keeping the range intact.
“NEAR is consolidating within a clear range, and traders should focus on the $2.40 support,” BITX analyst noted. “If this level holds, the market could see another recovery bounce. However, repeated tests of support often weaken it, which increases the risk of a breakdown.”
NEAR’s price action indicates a classic range-bound structure, with buyers and sellers battling for control. While the short-term bias leans bearish due to repeated rejections, the $2.40 zone is a pivotal area that could determine whether the token stabilizes or slips further.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.