NEAR Protocol Slips 3%, Recovers Above Support Amid Market Sell-Off
NEAR Protocol dropped 3% on Tuesday as the crypto market faced widespread selling pressure, with Bitcoin declining sharply from $123,000 to $117,000. Despite the initial slide, NEAR rebounded at 13:00 UTC, climbing from $2.54 to $2.56 and recouping earlier losses.
Currently trading around $2.52, NEAR remains above crucial support at $2.50. A break below $2.48 could send prices tumbling toward $2.34—the base from last Thursday’s rally.
On the upside, surpassing Monday’s peak of $2.70 would signal bullish momentum, with higher targets at $2.91 and $3.12. Notably, $2.70 also capped gains in June before a significant correction.
Technical Highlights
- Strong support has formed between $2.48 and $2.52, confirmed by repeated rebounds.
- Sellers continue to defend resistance between $2.57 and $2.60.
- Trading volume spiked to 3.68 million between 03:00 and 04:00 UTC, exceeding the daily average of 2.32 million and suggesting institutional interest.
- NEAR’s late-session recovery cleared resistance at $2.57, driven by 217,573 tokens changing hands at 13:55 UTC.
- The day saw a $0.15 trading range, reflecting about 5.7% intraday volatility.
