NEAR Price Drops 4% After Encountering Resistance at $3.01
EAR Protocol experienced significant volatility from July 27 at 15:00 to July 28 at 14:00 UTC, with prices fluctuating between $2.88 and $3.01. The token rose from $2.90 to a peak of $3.01 by July 28 at 09:00 UTC but encountered resistance there. Strong upward momentum was noted until institutional selling pressure emerged, with trading volume peaking at 3.10 million, above the average of 2.35 million.
The bullish trend reversed sharply during the 13:00 UTC hour, as NEAR dropped from $2.94 to $2.89 amidst a trading volume of 5.03 million—over twice the daily average. This sell-off indicates potential institutional distribution and a shift in market sentiment. Following this, the price continued to decline, establishing a descending channel between $2.93 resistance and $2.88 support.
High-volume sell-offs were noted throughout the final hour, particularly at 13:21, 13:32, and 14:04 UTC, suggesting ongoing bearish momentum. A sharp decrease in trading activity towards the end hinted at market exhaustion and potential sideways consolidation near $2.89. The future direction of NEAR and other altcoins may depend on Bitcoin's ability to surpass the $124,000 resistance level.
Technical Analysis Summary
- Resistance established at $3.01, leading to selling pressure.
- Initial price increase accompanied by volumes above the 24-hour average of 2.35 million.
- Reversal from $2.94 to $2.89 with a spike to 5.03 million in volume.
- Downtrend channel formed between $2.93 resistance and $2.88 support.
- Multiple intra-hour volume spikes aligned with price rejections.
- Final minutes showed low volume, indicating market exhaustion around $2.89.