Near Protocol (NEAR) has experienced a notable drop in its price over the past 24 hours. Crypto analyst Ali Martinez has identified specific price thresholds that are crucial for NEAR's potential recovery.
Recent data from CoinMarketCap shows NEAR's price has fallen by 2.98% within a day, leading to a decline below the $3.40 mark.
Martinez observed in an 'X' platform post that this decline pushed NEAR below a parallel trading channel, indicating bearish trends. In trading charts, a parallel channel is established when the price moves between two parallel trend lines, with one serving as resistance and the other as support—as is the case with $8.50 and $3.60 on the NEARUSDT daily chart. A breakout from this channel can signify a potential shift in trend, either bullish if it breaks above, or bearish if it breaks below.
In NEAR's instance, falling below the support level signals a possible downtrend. Should this occur, NEAR might decrease to $1.50, representing a possible 55% decline from its current value.
To negate this bearish outlook, Martinez emphasizes the importance of NEAR bulls reclaiming and maintaining the $3.60 support, which could pave the way for further price increases. If this scenario unfolds, Martinez anticipates NEAR could target $4.50, where selling pressure may emerge, and potentially rise to $5.50, the midpoint of the channel and a substantial psychological resistance point.
Supporting Martinez's bullish view, the Relative Strength Index (RSI) is at 36.75, which, if trending upwards, suggests potential for price growth before reaching overbought territory.
In related developments, the NEAR Protocol team has launched OmniBridge, a cross-chain infrastructure designed to facilitate the seamless integration of NEAR-native assets across multiple blockchains. At present, NEAR is trading at $3.38, showing a 2.82% gain over the week, despite the recent dip. Nevertheless, the coin’s overall performance in the past month has been predominantly bearish, having lost 35.00% in value. With a market capitalization of $4.17 billion, NEAR remains among the top 30 largest cryptocurrencies globally.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.