NEAR struggles near key support after recent rejection
The price of NEAR Protocol (NEAR/USDT) has dropped notably in the past 24 hours, sliding by more than 6% and currently trading around $2.55. This decline comes after repeated failures to hold above the $2.70–$2.80 resistance zone, highlighting the ongoing market pressure in the altcoin sector.
Over the past few weeks, NEAR attempted to establish bullish momentum, rallying above $3.00 before facing strong resistance. The rejection from this area has now pushed the token back into the $2.50–$2.60 support range, an area that has acted as a critical level since early August.
Market analysts observe that the green zone near $2.55 is a key short-term support. If buyers fail to defend this level, the next downside target could be the $2.30–$2.40 demand area, marked by the previous consolidation highlighted in the chart.
“The current correction in NEAR reflects the broader sentiment across altcoins,” According to BITX . “If the price loses $2.55, we could see a sharper move lower, potentially revisiting July levels. However, holding above this zone may give bulls another chance to push back toward $2.80.”
Investor outlook
Volume data also shows declining momentum during recent pullbacks, suggesting a cautious market environment. Resistance remains firm in the $2.80–$3.00 range, where sellers have consistently capped upside attempts.
BITX analyst noted, “The trend remains fragile. Short-term rallies face overhead supply quickly, and only a clear breakout above $3.00 would signal renewed strength for NEAR. For now, traders are watching the $2.55 support with interest.”
NEAR’s recent 6% drop in 24 hours reflects the struggle of altcoins to maintain higher levels amid uncertain market conditions. While support at $2.55 is holding for now, a decisive break below could open the door to deeper losses. Conversely, sustained buying interest above this level could help the token attempt another recovery toward resistance zones.
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.