NEAR Price Plunges as Multi-Year Fractal Warns of 37% Crash

Near Protocol (NEAR) has faced significant price fluctuations in recent weeks. Since reaching a multi-week high near $3 in May, NEAR's value has erased nearly half its worth.

The correction began after NEAR encountered the same multi-year resistance structure that preceded two of its largest crashes. This similarity raises concerns about another decline toward $1.04, roughly 37% below the current price near $1.66.

NEAR's long-term descending resistance trendline has been a major hurdle since peaking near $20.09 in early 2022. Each major rebound toward this boundary has ended with sellers regaining control, leading to significant declines in the past.

The current price chart shows NEAR falling below its 20- (green), 50- (red), and 100-period (purple) exponential moving averages on the two-week chart. A continued decline could bring NEAR back to the horizontal support near $1.04, representing another 35%, 37% correction.

The September Fed hike risk adds pressure to NEAR's downside outlook amid renewed concerns about tighter US monetary policy. The Federal Reserve held rates at 3.50%, 3.75% in July and indicated that higher rates may be necessary if price pressures persist, without committing to a firm increase in September.