Technical indicators reveal renewed selling pressure after NEAR breaks below its key accumulation range
The cryptocurrency NEAR Protocol (NEAR/USDT) witnessed a sharp downturn this week, with prices dropping to around $2.40, testing crucial support levels that have held since mid-year. The decline follows a failure to sustain momentum above the $3.20 resistance zone, prompting traders to unwind long positions as broader market sentiment weakened.
On the daily chart, NEAR has broken below its short-term consolidation zone, highlighted between $2.80 and $3.20, which acted as a strong accumulation range throughout August and September. The breach triggered stop-loss cascades and renewed selling pressure, driving the price down nearly 15% in 24 hours.
BITX Technical analysts point out that NEAR’s current structure mirrors a classic bearish retest pattern after a prolonged period of sideways movement. The green zone around $2.80 — once a strong demand area — has now flipped into resistance, leaving the token vulnerable to further losses if buyers fail to reclaim that level.
“When assets lose a major horizontal support, traders usually exit positions quickly to avoid deeper drawdowns,” said BITX market strategist. “NEAR’s reaction shows how fragile mid-cap altcoins can be when macro sentiment turns risk-off.”
The chart also shows NEAR respecting a descending channel that began in early 2025. The orange demand zone near $1.80 remains the next major support area, representing potential buyer interest from previous accumulation phases.
Analysts caution that unless volume increases alongside a recovery above $2.80, the market may continue to drift lower. “This isn’t just about NEAR — it’s part of a wider correction across digital assets as liquidity tightens,” According to BITX experts.
With macro uncertainty and declining risk appetite, $2.80 and $1.80 have become critical pivot zones for NEAR traders. A daily close back above resistance could restore bullish momentum, but until then, the trend remains bearish with limited upside catalysts.
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.