NEAR Declines 4% After Resistance Rejection, Bearish Pressure Mounts
NEAR Protocol’s token fell 4% over the past 24 hours, reversing from early gains after encountering strong resistance near $3.01. The price action suggests a shift in momentum as sellers took control amid elevated trading volumes.
The token traded within a 5% intraday range between $2.88 and $3.01. After briefly spiking to the $3.01 mark by 09:00 UTC, NEAR failed to hold gains, triggering a surge in volume to 3.10 million—well above its daily average of 2.35 million. The rejection at resistance led to a sharp decline later in the session.
Bearish momentum intensified during the 13:00 UTC hour, with NEAR sliding from $2.94 to $2.89 on 5.03 million in volume—the day’s peak. A descending channel emerged, with resistance near $2.93 and short-term support at $2.88.
Heavy selling was observed at key inflection points, including 13:21, 13:32, and 14:04 UTC. However, the session ended with a sharp drop in volume, hinting at short-term exhaustion and possible consolidation around the $2.89 level.
Market focus now turns to Bitcoin, which remains range-bound. A breakout above the $124,000 threshold could improve sentiment across altcoins, potentially offering relief to NEAR and similar assets.
Technical Snapshot:
- Range: $2.88 – $3.01 (5% daily swing)
- Reversal Zone: $3.01 rejected on strong volume
- Sell Pressure: Peak drop from $2.94 to $2.89 during high-volume hour
- Pattern: Descending channel forming with resistance at $2.93
- Outlook: Near-term consolidation likely unless broader market improves
NEAR remains under pressure following the failed breakout, with short-term recovery dependent on broader crypto market momentum led by Bitcoin.
