NEAR Price Breakdown Triggers Bearish Momentum
Near Protocol's (NEAR) recent price breakdown has raised concerns about further decline. After weeks of consolidating above major moving averages, NEAR broke below critical support levels, signaling a shift in momentum from buyers to sellers.
The token is currently trading at $1.63 after falling below its 20-day, 100-day, and 200-day exponential moving averages (EMAs). These indicators had formed a strong support zone between $1.81 and $1.88 throughout July, but instead of rebounding from this area, NEAR sliced through all three levels in one move.
The breakdown carries added significance as it follows a prolonged consolidation after NEAR's powerful rally in late May and early June, when the token briefly climbed above $3.00. Since then, momentum has gradually weakened, with each rebound producing lower highs.
Momentum indicators also reinforce the bearish case, with the Relative Strength Index (RSI) at around 33, approaching oversold territory but remaining above levels that typically trigger stronger recovery rallies.