NEAR Slides 4% as Resistance Rejection Triggers Short-Term Downturn
NEAR Protocol’s native token lost 4% over the past 24 hours, reversing gains after failing to break through key resistance at $3.01. The move highlights growing bearish sentiment and signals potential near-term weakness.
Between July 27 at 15:00 UTC and July 28 at 14:00 UTC, NEAR traded in a 5% intraday range, climbing from $2.90 to a session high of $3.01 before retreating. The failed breakout at that level triggered a sharp sell-off, accompanied by a spike in volume to 3.10 million—well above the 24-hour average of 2.35 million tokens.
The pullback accelerated during the 13:00 UTC hour, with NEAR dropping from $2.94 to $2.89 on 5.03 million in trading volume—the session’s peak. The token entered a descending pattern between $2.93 and $2.88, reflecting sustained sell-side pressure.
Notable selling clusters occurred at 13:21, 13:32, and 14:04 UTC, further reinforcing the bearish tone. However, volume declined toward the end of the session, hinting at possible near-term stabilization around the $2.89 mark.
Looking ahead, market sentiment remains tied to Bitcoin’s trajectory. A decisive move above $124,000 by BTC could provide tailwinds for altcoins, including NEAR, and reverse current weakness.
Technical Overview:
- Intraday Range: $2.88–$3.01 (5% swing)
- Key Resistance: $3.01 rejection on above-average volume
- Heavy Sell-Off: $2.94 → $2.89 on 5.03M volume at 13:00 UTC
- Descending Structure: Resistance at $2.93, support at $2.88
- Short-Term View: Stabilization likely near $2.89 barring further BTC downside
Until broader market conditions improve, NEAR is likely to remain under pressure, with traders watching for signs of recovery or further breakdown below support.
