NEAR Protocol Shows Price Sensitivity Amid Rising Middle East Tensions
The cryptocurrency market is under pressure due to escalating conflict between Iran and Israel, impacting the price of NEAR Protocol. The digital asset has established support around $2.09-2.10, with increased trading volume indicating potential accumulation despite a bearish trend.
Technical analysis
- NEAR-USD had a trading range of 6.1%, peaking at $2.219 and dipping to $2.085, with notable selling pressure from 15:00 to 16:00.
- Above-average volume of 6.26M and 4.94M created resistance between $2.18-2.22.
- Support was observed at $2.09-2.10 with increased volume at 10:00, suggesting accumulation.
- The overall trend shows lower highs and remains bearish.
- Consolidation occurred between $2.09-2.12 in the final hours, indicating possible stabilization.
- In the last hour, NEAR-USD fell from $2.119 to $2.112.
- A sell-off between 12:37-12:39 saw prices drop to $2.105.
- A key support zone formed at $2.106-$2.108, tested multiple times with significant volume (68,050 units at 12:50).
- The asset attempted recovery, rising from $2.105 to $2.112, potentially forming a double bottom pattern.
- Short-term consolidation with decreasing selling volume suggests potential exhaustion of bearish momentum, yet the overall trend is negative.