NEAR Protocol has registered significant losses over the past day, declining 10.53% in the last 24 hours and 12.24% over the past week, placing it among the top losers in the top-20 crypto assets by market capitalization.
The altcoin's recent pullback is part of a broader market trend, with the overall altcoin market down 2.2% over the same period. Technical analysis shows NEAR retreating from recent highs within an upward trend that extended from $0.84 to $6.00.
Key support levels under scrutiny
On the 4-hour chart, traders are watching the $4.30 support level closely. This anchor level has been instrumental in maintaining the bullish bias on shorter timeframes. Above this sits a demand zone at $4.50, which NEAR bulls have defended for approximately one month.
If the $4.30 level breaks, swing traders may shift to a bearish bias. Technical indicators suggest potential support at higher levels, with the $4.44-$4.70 range identified as a possible buying opportunity.
Longer-term technical picture
On the weekly chart, NEAR maintains a bullish structure despite recent weakness. Fibonacci retracement levels indicate a pullback to $3.42 is likely, with deeper corrections to $1.94 and $2.81 remaining possible as part of a healthy longer-term trend.
The RSI has dropped below 30 on the 4-hour timeframe, while the On-Balance Volume (OBV) has trended downward over the past two weeks, reflecting recent selling pressure. However, the weekly RSI is cooling from overbought territory, and the OBV continues to challenge yearly highs, suggesting underlying buying interest.
