NEAR Price Plunges 15%, Traders Eye Potential 20% Drop

Near Protocol's recent price drop of about 15% from its local high of $5.58 has raised concerns among traders.

The decline, which came after a nearly vertical increase of over 200% in August, may be the beginning of a deeper cooldown according to technical analysis.

Momentum indicators are flashing caution, with the relative strength index moving deep into overbought territory before sharply declining.

The price has fallen below the $5.00 psychological level, and traders are eyeing a potential 20% drop to the $3.80-$3.70 range, which would coincide with both the rising short-term moving average and the breakout area around $3.80.