Analysts warn of further downside if $2.60 level fails to hold
NEAR Protocol (NEAR) dropped 4% in the last 24 hours, trading near the $2.63 mark against Tether (USDT). The decline comes as the token approaches a critical support zone, raising concerns about whether bulls can defend the current range or if a deeper correction is ahead.
The $2.60 support region highlighted on the four-hour chart has emerged as a key battleground for traders. A sustained break below this level could expose NEAR to further downside, potentially pushing prices toward the $2.35–$2.40 demand zone. On the upside, resistance remains firm near $2.77, with stronger selling pressure seen in the $3.00–$3.10 range.
BITX Market analysts note that the token has been moving within a defined range for several weeks. “The chart shows clear supply and demand zones. Unless NEAR reclaims $2.77 with strong momentum, the risk of retesting lower support remains elevated,” one trader explained.
NEAR’s pullback comes amid cautious sentiment in the broader crypto market, where rising U.S. bond yields and macroeconomic uncertainties have kept traders defensive. Volumes have also been thinning, indicating reduced participation from retail buyers.
“NEAR is struggling at the same time as many altcoins face pressure from external macro factors,” said BITX market observer. “If Bitcoin consolidates further, smaller-cap tokens like NEAR may see sharper corrections before finding a bottom.”
For now, holding above the $2.60–$2.63 range is crucial for NEAR to avoid slipping into deeper bearish territory. A rebound from this level could offer short-term traders opportunities to target the $2.77 resistance. However, failure to maintain support may accelerate selling, with the next major demand zone sitting closer to $2.35.
NEAR Protocol faces a pivotal test as it hovers just above critical support. Traders will be closely watching whether bulls can defend the $2.60 zone or if bears will extend the decline into October.
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.