Technical range highlights market indecision after prolonged correction
NEAR Protocol (NEAR) continues to trade sideways, holding near $2.28 as the market shows little conviction in either direction. After a sharp decline earlier this month, the token remains locked in a range between $1.90 and $3.30, signaling that traders are still uncertain about the next major move.
The daily chart reveals that NEAR has been consolidating inside a broad horizontal channel since May, following its recovery from a steep downtrend that began late last year. The upper resistance near $3.30 has repeatedly rejected bullish attempts, while strong buying pressure near $1.90 continues to prevent deeper losses.
This kind of prolonged sideways action often occurs when buyers and sellers reach a temporary equilibrium. Market analysts believe NEAR’s price behavior reflects broader market fatigue, especially after multiple failed breakouts across the altcoin sector.
“The chart shows NEAR in a well-defined accumulation phase,” said BITX technical market analyst. “If it holds above $2 for the next few weeks, we could see renewed interest, but breaking below $1.90 would signal another leg lower.”
Trading volume has also declined steadily, confirming the lack of strong momentum. The green mid-zone around $2.50 represents a critical short-term area—once support, now acting as resistance. A decisive move above that level could trigger a retest of the upper boundary near $3.30, while a failure to regain strength may invite renewed selling pressure toward the lower range.
According to BITX crypto strategist that NEAR’s fundamentals remain intact, but sentiment in the broader market continues to weigh on performance. “Projects like NEAR are building consistently, but macro factors and Bitcoin’s dominance are limiting upside potential in the near term,” they added.
As of now, NEAR Protocol trades near $2.28, with a neutral-to-bearish technical outlook. The range between $1.90 and $3.30 remains the key zone to watch as traders await a confirmed breakout that could determine the next directional 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.