NEAR Protocol was among the most viewed cryptocurrencies on November 2, according to CoinGecko data shared on X. The token lost 6.48% in the last 24 hours, while daily trading volume declined by 15.7%.
Over the past three weeks the token has undergone a 32% price correction, moving from roughly $4.72 to $4.07 as a broader market sell‑off continued. Earlier price targets of $4.30 and $4.60, identified as levels for bullish defense, were not maintained, leaving the token vulnerable to further downside.
Recent news linked NEAR to a $464,000 theft involving Premia Labs, where stolen funds were bridged from Arbitrum to Ethereum and then cashed out through NEAR Intents and Chainflip.
Technical outlook
On the weekly chart, NEAR shows a bullish structure, having broken a prior swing high of $3.34 in September and currently retracing. The weekly RSI stays above the neutral 50 level, but on‑balance volume has not surpassed May’s highs, indicating lingering selling pressure.
Potential pullback targets align with Fibonacci retracement levels between $1.91 and $2.81.
Short‑term momentum
The daily chart was anchored by a swing low near $4.30, but the token failed to rebound from the $4.50 demand zone over the past two weeks, suggesting bearish dominance. A recent price drop breached key levels and retested the $4.50 zone as resistance.
Swing traders may consider short positions, with a rally above $4.808 invalidating the bearish outlook. Potential downside targets include $3.42, $2.81 and $1.94, corresponding to weekly Fibonacci levels.
Summary
Despite high visibility on CoinGecko, NEAR Protocol’s token has struggled to hold $4.30 amid ongoing selling pressure and may face further declines toward $3.42 and $2.81.
