NEAR Protocol Suffers 4.5% Decline Amid Technical Breakdowns
The price of NEAR Protocol (NEAR) has declined by 4.5% over the past 24 hours due to technical breakdowns and risk-off sentiment in the market.
A key support cluster around $1.82-$1.88 was breached, causing NEAR to fall below its 20, 100, and 200-day exponential moving averages (EMAs). This marks the end of a prior uptrend from May-June when NEAR briefly traded above $3.
Technical analysts are now looking at support levels around $1.50-$1.55 as the next potential target. Prominent traders on social media are calling for short positions, targeting the $1.25-$1.35 zone or lower if current supports break.
The move is happening in a cautious market backdrop, with total crypto market cap and altcoin market cap experiencing mild declines over the last day. The Fear & Greed sentiment gauge is in 'Fear' territory, indicating that traders are being cautious rather than aggressive buyers of dips.