What to Know
- NEAR Protocol has plunged 39.42% since October 13, with analyst Ali Charts identifying persistent selling pressure across recent trading sessions.
- A nine-candle bearish sequence suggests potential selling exhaustion, raising the possibility of a price reversal following prolonged market weakness.
- NEAR faces critical support around $3.70, while potential recovery attempts could encounter resistance at $4.20 and $4.80 price levels.
NEAR Protocol has suffered a substantial price decline, losing nearly 40% of its value amid persistent selling pressure. According to crypto analyst Ali Charts, NEAR has declined 39.42% since October 13, with a nine-candle bearish sequence near $3.72 signaling potential selling exhaustion and a possible short-term recovery.
NEAR Price Drops 39.42% as Daily Chart Reveals Persistent Selling Pressure
According to Ali Charts’ analysis, NEAR has declined 39.42% since October 13, reflecting sustained bearish momentum throughout the period. The cryptocurrency previously traded near $6.00 before experiencing successive declines that pushed its price toward $3.72.
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During October, NEAR recorded several temporary recoveries, but buyers repeatedly failed to maintain higher price levels. Consequently, the cryptocurrency established lower highs and lower lows, reinforcing the prevailing bearish market structure.
Selling pressure intensified toward late October as NEAR slipped below $4.80 before extending losses into November. The decline subsequently pushed prices beneath $4.20, bringing the cryptocurrency closer to its latest trading level.
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Significantly, Ali Charts identified a nine-candle bearish sequence, suggesting that the prolonged downward movement could be nearing exhaustion. Such technical formations sometimes precede price recoveries, particularly when selling pressure begins weakening around established support levels.
NEAR Faces Critical Support Test as Reversal Signal Emerges
NEAR’s latest price formation suggests that bearish momentum may be slowing following several consecutive declining sessions. The cryptocurrency currently faces an important test around $3.70, where buyers could attempt to establish support.
Meanwhile, a successful recovery could push NEAR toward $4.20, representing an initial resistance area following its recent decline. Additional buying momentum could subsequently bring the $4.80 region into consideration as another potential resistance level.
Nevertheless, the broader trend remains bearish until NEAR establishes higher price levels and demonstrates sustained buying activity. The emerging exhaustion signal highlighted by Ali Charts suggests a possible turning point, but further price confirmation remains necessary.
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