After briefly recovering to $3, NEAR quickly fell back, with the price now below $2. Foreign media analysis suggests that the current price action is approaching the key support zone of $1.77 to $1.88, a level that will determine whether it continues to decline in the short term.
The rebound above $3 failed to continue.
The article states that NEAR rose more than 35% at the beginning of the month and briefly reached $3. However, after encountering resistance around $3.09 to $3.21, the upward trend quickly came to an end, followed by a significant pullback.
From a technical perspective, prices have returned to near the starting point of the previous rebound. If buying pressure cannot absorb the selling pressure in the current area, the recent recovery structure may be disrupted, and the market will likely turn downwards again.
The $1.77 to $1.88 range becomes the short-term focus.
Foreign media believe that the $1.77 to $1.88 range is currently the most important support level. This range also corresponds to a key defensive position in recent price movements; if this level is breached, the decline could extend further.
The article mentions that if this support zone is effectively broken, NEAR could potentially fall to $1.20, with historical support around $0.97. Based on this calculation, there is still significant downside potential from the current level.
- Key support range: $1.77 to $1.88
- Rebound watch levels: $2.30, $2.80
- Potential downside targets: $1.20, $0.97
Increased trading volume indicates that selling pressure remains.
The article also mentions that trading volume has increased significantly in the past few days, indicating increased trading activity. Combined with the continuous weakening of prices, this usually means that selling pressure in the market is still being released.
Meanwhile, the fund flow indicator cited in the article has fallen below the zero axis, indicating signs of fund outflow; trend indicators have also turned bearish. Based on this, foreign media believe that NEAR has not yet escaped its weak short-term trend.
However, if the $1.77 to $1.88 range can hold, the price may still see a technical rebound, first targeting $2.30, and then observing whether there is a chance to return to around $2.80.
