Technical Analysis Suggests a Make-or-Break Level
The price of NEAR Protocol (NEAR) has declined by nearly 5% in the last 24 hours, bringing the token to a critical support zone around $2.30. This level has previously acted as a strong demand area, and traders are closely monitoring whether the price will hold or break below it.
On the 4-hour chart, NEAR has been in a consistent downtrend since mid-August after failing to sustain above the $2.90–$3.10 resistance zone. The chart highlights two major resistance levels: the first between $2.80–$2.90 and the second around $3.10–$3.20, where sellers aggressively pushed the price lower.
Currently, NEAR is trading within a green support zone between $2.25 and $2.35, which previously served as a launchpad for a bullish rally in July. A break below this level could trigger further downside toward $2.00, while a rebound from this area may open the door for another retest of the $2.80 region.
Trading volume has slightly increased as NEAR approaches this support, indicating potential buying interest from bulls. However, the overall trend remains bearish unless the price closes above $2.80, a key short-term resistance.
BITX Market analysts believe this is a crucial moment for NEAR. According to BITX technical strategist:
“If NEAR fails to hold this support zone, we might see a deeper correction toward $2.00. On the other hand, a strong bounce from this level could shift momentum back to the bulls.”
- Support: $2.25–$2.35 (critical zone)
- Resistance: $2.80 and $3.10
- Downside Target: $2.00 if support breaks
With NEAR testing a major demand area, traders should watch for confirmation signals before entering new positions. A bullish reversal at this level could present a significant buying opportunity, while a breakdown might extend the bearish trend.
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.