NEAR Protocol Drops 5% Amid Broader Cryptocurrency Market Uncertainty
The cryptocurrency market is reacting to broader equity uncertainty, with NEAR Protocol declining 5.01% from $2.16 to $2.06 between June 25 and June 26.
A notable sell-off occurred on June 26, with NEAR hitting a low of $2.05 during heavy trading exceeding 154K tokens.
Technical Analysis
- NEAR established a bearish channel with resistance at $2.17-$2.19 and support at $2.09-$2.10, broken by high volume over 3.9M NEAR at noon.
- Volume spikes were evident from 09:00-12:00 as selling pressure grew, leading to the lowest price of $2.05 at 13:00.
- A potential double bottom pattern emerged in the last 15 minutes, indicating possible short-term stabilization as buyer volume increased.
- The total price range for NEAR in this period was $0.14 (6.55%), reflecting significant volatility.
CoinDesk 20 Index Movement
- The CoinDesk 20 Index experienced volatility from June 25, 15:00 to June 26, 14:00, with a price range of $22.40 (1.29%).
- After peaking at $1,762.50, the index fell to $1,740.10, losing early gains due to persistent selling pressure.
- This trend raises concerns for further declines if support at $1,740 does not hold.