coindesk.com
The cryptocurrency market faces renewed pressure as conflict between Iran and Israel intensify, with $NEAR Protocol showing notable price sensitivity to these geopolitical developments.
The digital asset has established key support around $2.09-2.10, where increased trading volume suggests potential accumulation despite the overall bearish trend.
Technical analysis
- $NEAR-USD exhibited a 6.1% trading range ($2.219 high to $2.085 low) with substantial selling pressure during the 15:00-16:00 timeframe.
- Above-average volume of 6.26M and 4.94M established a key resistance zone around $2.18-2.22.
- Support emerged at $2.09-2.10 with increased volume during the 10:00 hour, suggesting potential accumulation.
- The overall trend appears bearish with lower highs forming throughout the period.
- Final hours showed signs of stabilization as prices consolidated between $2.09-2.12, potentially forming a base for a technical bounce.
- In the last hour, $NEAR-USD continued downward, dropping from $2.119 to $2.112.
- A significant sell-off occurred between 12:37-12:39 when price plummeted to $2.105.
- A key support zone formed around $2.106-$2.108, tested multiple times with increasing volume (68,050 units at 12:50).
- The asset attempted recovery in the final minutes, climbing from $2.105 to $2.112, forming a potential double bottom pattern.
- Short-term consolidation with decreasing selling volume indicates possible exhaustion of bearish momentum, though the overall trend remains negative.