- NEAR drops by over 15% in 24 hours amid market weakness.
- The weekly structure hints at a potential bullish breakout retest.
- RSI and MACD indicate ongoing bearish pressure in the short term.
- A rebound above $3.00 could confirm the start of a Q4 rally.
NEAR Protocol (NEAR) is struggling to hold its footing after a sharp market correction. The token has entered a downward phase and is moving sideways within a tight range. Over the last 24 hours, the token has fallen by almost 15.26%, while the past week shows a 13.65% decline, reflecting consistent bearish sentiment.
At the time of writing, the token is trading at $2.55 with a 24-hour trading volume of $1.18 billion, down significantly by 21.32%. Its market capitalization stands at $3.19 billion, showing clear signs of weakening momentum. The broader crypto market downturn has added pressure, keeping buyers cautious while pushing the token toward key support zones.
Also Read: NEAR Protocol Price Forms Bullish Patterns With Breakout Targets Set as High as $8.20
Chart Shows Breakout Retest with Potential Q4 Rally
According to technical observations, the token’s weekly chart reveals a textbook breakout and retest structure. After an extended downtrend, the token recently broke above a descending resistance line, a signal that often marks the end of bearish dominance. The breakout candle closed strongly, confirming renewed buyer interest.
Following the breakout, NEAR retracted to retest the broken trendline and managed to hold it as support. This action signals a bullish retest, a pattern that tends to lead to a bull phase. NEAR currently stands at $3.12, registering a constructive chart structure and gaining momentum.
If buyers maintain the pressure further than the $2.8–$3.0 range, the initial resistance target lies close to $5.00, an area consistent with earlier supply areas. A successful breakout to that level could take the token to $7.20, a complete reversal to a possible Q4 bull phase.
NEAR Technical Indicators Show Short-Term Weakness
Momentum indicators, however, suggest caution. The Relative Strength Index (RSI) is at 36.89, which is lower than the neutral 50 level and near the oversold range. It had just fallen below 30, indicating a poor but plausible recovery try. The RSI’s moving average line at 44.10 is still higher than the current level, and that indicates further bearish dominance.
The MACD also bears a declining sentiment, since the MACD line (-0.10300) has crossed below the signal line (-0.04838). Red histogram bars are increasing in depth, signalling increasing bearish pressure. NEAR’s near-term trend could remain soft until a reversal crossover sets in ahead.
Also Read: NEAR Protocol on the Edge: Massive Breakout Ahead with $5.85 Target
