NEAR Token Declines 2% Amid Governance Proposal Debate
The NEAR token is down 2% amid general weakness in the altcoin market and a negative reaction to a governance proposal from DWF Labs.
- DWF proposed reducing NEAR's inflation from 5% to 2.5%, which could make tokens scarcer but might deter network validators if rewards decrease significantly, raising concerns about decentralization.
- On June 30th, the peak price was reached between 19:00-20:00, followed by lower highs indicating ongoing selling pressure, with support levels potentially being tested soon.
- From July 1st, NEAR-USD rose from $2.08 to $2.10, reflecting a 1% gain within an hour.
- The price formed an upward channel with higher lows and highs, notably breaking above the $2.08 resistance between 13:25-13:33 and establishing support at $2.09.
- A volume spike at 13:40-13:41 led to a brief pullback to $2.08 before buyers pushed the price to a high of $2.10 by 14:05, indicating strong underlying demand and possible continuation of the uptrend.