Near Protocol (NEAR) is currently trading at $1.01 as of Friday, Feb. 20. This represents a rise of 2.59% in the past 24 hours. However, the token has recorded a gain of 2.24% over the last seven days. The trading volume has dropped by 9.47% to $110.24 million, according to CoinMarketCap.
Source: CoinMarketCap
NEAR is now trading at the psychological level of $1. This is a level traders are keenly watching, as it is a crucial level of support after the recent lower highs and lower lows formed in the market.
NEAR Tests Descending Channel Support
Analysts are now focusing on the chart patterns rather than the macro market indicators. Crypto analyst Jonathan Carter highlighted that the token is now testing the lower end of the descending channel on the three-day chart. He added that the increased volume at this level could indicate buyers defending support.
Carter identified the potential upside targets at $1.40, $2.00, $2.60, $3.40, $4.30, and $5.90, depending on the momentum change. However, those projections depend on sustained buying pressure and confirmation above key resistance levels.
Source: X
Moreover, another analyst, Crypto Fow, mentioned that the current structure is a prolonged downtrend in the daily chart. NEAR previously broke down from above $3, losing its level of $1.55, which is now acting as a resistance level.
According to analysts, the range of $0.95 to $1.00 is a combination of structural and psychological support. NEAR is in a compression zone just above this range.
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Bullish and Bearish Levels to Watch
In a bullish scenario, NEAR will need to hold above the level of $0.95, regaining the range of $1.20 to $1.30. Moreover, breaking above the level of $1.55 will present potential targets at $1.80, $2.20, and $2.80 in the near term.
Source: X
In a bearish run, the token may close below $0.90 on the daily chart. This may affect the overall structure and may target the $0.75 and $0.60 liquidity zones.
Volume and Open Interest Show Steady Growth
CoinGlass data shows that the futures volume increased by 11.79% to $246.74 million. The open interest has also gone up by 6.67% to $151.47 million. The OI-weighted funding rate stands at 0.0053%, implying a slightly positive position in the perpetual futures market.
Source: CoinGlass
Meanwhile, analysts have not confirmed a reversal. Traders continue to monitor support and resistance levels for a decisive breakout or breakdown.
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