NEAR Protocol Price Drops 8.6% Amid Increased Volatility and User Growth
The NEAR Protocol token is currently experiencing volatility with a downtrend. Key resistance is at $2.730 and support has emerged at $2.445.
Recent price movements show a modest recovery but remain below crucial resistance levels, indicating bearish sentiment despite slight consolidation.
Network fundamentals are strong, with NEAR surpassing Ethereum, Binance Chain, and Tron in monthly active users.
Technical analysis
- NEAR-USD decreased 8.6% from $2.696 to $2.492 during the analyzed period.
- Volume spikes occurred during significant sell-offs on June 11 at 17:00 and June 12 at 08:00.
- Resistance at $2.730 and support at $2.445 suggest possible stabilization.
- A 0.7% recovery was noted from a local bottom of $2.476, supported by volume spikes at 13:38, 13:54, and 14:01.
- An ascending channel formed with support at $2.481 and resistance at $2.495, while remaining below key resistance levels.