NEAR Drops After BTC Volatility; Support Break Signals Further Downside
NEAR Protocol (NEAR) fell sharply after Bitcoin’s recent swing from $90.2k to $85.7k increased market volatility and altcoin selling pressure. Over the past week NEAR lost about 11.38% and 5.74% in 24 hours. Futures open interest briefly rose ~13.1% to $138M and funding turned briefly positive, but optimism evaporated as BTC pulled back. On-chain and technical indicators show bearish momentum: NEAR broke its long-term range ($1.82–$3.38), closed a weekly candle at $1.59 below the $1.72 support, and On‑Balance Volume (OBV) and RSI are declining. Analysts say $1.82 now acts as resistance; failure to reclaim that level on a daily close keeps a bearish path toward the next major support around $0.97 (approximately 30–35% below current levels). Trading guidance for short-term traders: consider short exposure on rebounds into the $1.7–$1.8 supply zone with invalidation as a daily close above $1.82, monitor BTC for stabilization to limit downside, and avoid panic selling during consolidation. Key data points: weekly loss ~11.38%, 24‑hour loss ~5.74%, open interest up ~13.1% to $138M, BTC drop ~5.6% (90.2k→85.7k). Disclaimer: analysis, not financial advice.
Bearish
Price- and market-structure signals point to further downside for NEAR. The token has broken a long-term trading range and closed below key support ($1.72), with confirming indicators: declining OBV (distribution), falling RSI (momentum loss), and a fade in futures optimism (open interest and funding both failed to sustain bullishness). Bitcoin’s sudden pullback amplified altcoin selling pressure, reducing the likelihood of an immediate recovery. In the short term, traders face a higher probability of downward moves toward the next major support near $0.97; tactical short positions on rebounds into the $1.7–$1.8 supply zone have clear invalidation (daily close above $1.82). In the medium term, a sustained reclaim and daily close above $1.82 would negate the bearish scenario and could restore range-bound or bullish conditions. Market stability hinges on BTC: a meaningful BTC reversal would likely reduce downside risk for NEAR, while continued BTC weakness would reinforce selling pressure. Overall, indicators and market behaviour favor bearish price action for NEAR until key technical thresholds are reclaimed.