NEAR Price Stabilizes After Volatile Week, Analysts Warn of Further Consolidation
NEAR Protocol (NEAR) is holding just above the $2.00 level, showing signs of stabilization after a volatile week that mirrored broader crypto market uncertainty triggered by the Federal Reserve’s recent policy stance. Despite attempts to push higher, the token remains under pressure, hovering around $2.09, down nearly 0.2% over the last 24 hours, with daily trading volume at 4.09 million.
On the daily chart, NEAR continues to trade within a broad horizontal range that has persisted since mid-year, with support between $1.85 and $2.00 and resistance near $2.80 to $3.10. The structure reflects a neutral-to-bearish sentiment, as traders await macroeconomic clarity following Fed Chair Jerome Powell’s hawkish comments suggesting that a December rate cut is “not a foregone conclusion.”
Technical Outlook: Range-Bound Momentum Persists
A look at NEAR’s price action shows the asset previously breaking out from a descending channel pattern, only to face repeated rejection around the $2.80 resistance area. Since then, it has retraced toward the lower end of its trading range, where buyers have consistently stepped in near $2.00.
“The $2 zone remains a critical defense line,” said one BitXJournal crypto market analyst. “If it breaks decisively, we could see NEAR retesting $1.70 or lower, but a bounce from current levels may open another push toward $2.60.”
Volume trends indicate increased activity around key support, suggesting that short-term traders are defending positions while long-term investors remain cautious.
A sustained close above $2.30 could signal renewed momentum, while holding the $1.90 floor will be vital to avoid deeper correction. Analysts note that macro-driven volatility and fading liquidity may keep NEAR trading sideways until clearer economic signals emerge in November.
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.