NEAR Protocol Experiences 4% Recovery After 12.8% Price Decline
Recent conflict between Israel and Iran triggered a crypto market sell-off, notably impacting NEAR Protocol, which displayed significant price volatility despite strong adoption metrics.
NEAR has become a leading Layer-1 solution, surpassing competitors like Ethereum, Binance Chain, and Tron in monthly active users. This shift reflects user preferences for platforms with lower transaction costs and enhanced usability.
Current trading conditions show NEAR below key technical indicators despite its robust fundamentals. Its focus on user-friendly features, including account abstraction and chain signatures, enhances its appeal for developers and users, especially with plans to expand into AI and web3 applications.
Short-term price action remains uncertain, with support at $2.20 and resistance at $2.30. However, NEAR's user growth indicates potential for recovery if market conditions improve.
Technical Analysis
- NEAR-USD saw a 12.8% decline from $2.50 to a low of $2.18 in 24 hours.
- Significant selling occurred from midnight to 02:00, with volume reaching 5.4-6.9 million around a resistance zone at $2.37.
- A recovery attempt began at the $2.18 support level, stabilizing between $2.21-$2.25, though volume decreased.
- Current patterns suggest consolidation, with immediate support at $2.20 and resistance at $2.30 likely influencing future movements.
- In the last hour, NEAR recovered from $2.217 to a peak of $2.239, establishing a new resistance zone at $2.235.
- A pullback to $2.214 found support, with prices pushed back above $2.22.
- The hourly close at $2.223 marks a 0.5% gain from the opening price, with volume trends suggesting accumulation and potential short-term reversal if above the $2.22 support.