NEAR Experiences 5% Drop Followed by Recovery Rally
Technical Analysis of NEAR Trading Activity
NEAR exhibited significant volatility on August 5, with price fluctuations of $0.13 within a 24-hour period, ranging from a peak of $2.57 to a low of $2.44.
A selloff occurred at 07:00, dropping the price from $2.48 to $2.44, accompanied by a volume spike to 3.2 million units, indicating strong institutional selling.
Support at $2.44 remained intact, leading to a recovery that pushed the price to $2.54 by session close, forming a bullish technical reversal pattern.
Key Technical Indicators
- 5% volatility noted with a trading range of $0.13 ($2.57 high to $2.44 low)
- Morning decline triggered a volume spike to 3.2 million units due to institutional selling
- Establishment of an ascending channel with support at $2.52 and resistance at $2.54
- Bullish breakout pattern observed in the final hour, achieving 1% gains
- Volume peaked at over 100,000 units per minute during 13:33-13:39, indicating institutional accumulation
- Final three minutes saw trading volume drop to zero, suggesting positioning for a potential breakout