Near Protocol's Price Plunges 15%, Technicals Indicate Possible 20% Drop
Near Protocol's recent price surge has come to an abrupt halt as it dropped by about 15% from its local high of $5.58, currently trading at $4.78 on the daily chart.
The decline follows a nearly vertical increase of more than 200% from the $1.60 to $1.80 range in August and may be the beginning of a deeper cooldown.
Momentum indicators are flashing caution with the relative strength index moving deep into overbought territory before sharply declining, and the price has fallen below the $5.00 psychological level after sellers intervened forcefully at the top.
Technical analysis suggests that NEAR could lose 20% of its price following this correction, targeting a range of $3.80 to $3.70, which would coincide with both the rising short-term moving average and the breakout area around $3.80.