NEAR Protocol (NEAR) suffered a sharp 5% decline over 24 hours, falling from $2.16 to $2.06, as the altcoin market struggles to sustain its recent rally. Despite a temporary relief rally following geopolitical de-escalation between Iran and Israel, the broader market’s fragile sentiment triggered renewed selling pressure.
NEAR Faces Heavy Selling Amid Bearish Sentiment
The most intense wave of selling occurred between 13:36 and 13:51 on June 26, with NEAR plunging to an intraday low of $2.05 on a high-volume spike exceeding 154,000 tokens. This move extended the asset’s total trading range to $0.14, reflecting 6.55% daily volatility.
A breakdown of critical support at $2.09–$2.10 further accelerated losses, placing NEAR in a short-term bearish technical posture.
Technical Analysis: Bearish Channel Breakdown
NEAR had been trading within a defined bearish channel, with resistance between $2.17 and $2.19 and support holding at $2.09–$2.10. However, sustained selling during the 09:00 to 12:00 UTC window, coupled with volume surpassing 3.9 million NEAR tokens, forced a breach below the lower boundary.
- A potential double bottom pattern appeared during the final 15 minutes of the trading period, offering a glimmer of short-term price stabilization.
- Recovery efforts pushed the price back to $2.06, though conviction remains weak.
Broader Altcoin Market Mirrors Weakness
The CoinDesk 20 Index (CD20), which tracks the top 20 digital assets excluding stablecoins and exchange tokens, experienced a whipsaw session over the same 24-hour period. After peaking at $1,762.50, the index slipped to $1,740.10, erasing most early gains.
If CD20 fails to hold above the $1,740 support level, further downside may be triggered across major altcoins—including NEAR.
Near-Term Outlook
With NEAR trapped below key technical levels and market-wide risk appetite fading, traders should closely watch for:
- Support retests near $2.00–$2.05
- Resistance zones around $2.10–$2.15
- Volume confirmation for any bullish reversal patterns
Unless broader market sentiment improves and buying pressure resumes, NEAR remains vulnerable to additional downside in the coming sessions.
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.