Story Highlights
- NEAR price continues to drop and has reached the local support zone, and a breakdown from here could trigger a deeper correction
- The $1.77-$1.88 support zone remains critical, with a breakdown potentially exposing downside targets near $1.20 and $0.97.
The NEAR Protocol price began the month on a strong note, rallying more than 35% to briefly reclaim the $3 mark. However, the bullish momentum faded near the crucial resistance zone between $3.09 and $3.21, triggering a sharp correction that dragged the token back below $2. NEAR price is now approaching a pivotal support zone between $1.77 and $1.88, a range that could determine its next major move. If bulls fail to defend this level, the ongoing downtrend could accelerate, opening the door for a deeper correction of more than 40% in the coming weeks.
The price has printed massive bearish candles and has reached the neckline of the double top pattern, which is currently defended by the bulls. The volume has exploded massively in the past few days, hinting towards intensified traders’ activity. This suggests that the selling pressure may continue to prevail for a while, keeping bearish prospects alive.
The Chaikin Money Flow (CMF) has slipped below the zero line, indicating capital is beginning to flow out of the asset as market sentiment weakens. Besides, the Supertrend has just flipped bearish, validating the rise of bearish influence over the token.
For now, the support zone between $1.77 and $1.88 remains the most important level to watch. A successful defense could trigger a relief bounce toward $2.30 and eventually $2.80. However, a breakdown below this range may invalidate the recent recovery structure and expose the NEAR Protocol price to a deeper correction toward $1.20, with the historical support near $0.97 emerging as the next major downside target.