NEAR Faces Heavy Resistance at $2.90 While Buyers Defend Key Zone
NEAR Protocol (NEAR) is holding its ground at the $2.35 support level, where buyers are attempting to stop the ongoing decline. The cryptocurrency has seen a steady correction since mid-August after failing to sustain momentum above $3.00.
The chart shows NEAR staging an aggressive rally in July, climbing from around $1.70 to $3.20 within weeks, supported by strong buying volume. However, the bullish structure lost steam near the $3.10 to $3.20 resistance band, marked in red, where sellers re-entered the market.
Since then, NEAR has dropped into a corrective phase, with lower highs forming across late August. The token is now consolidating within the green demand zone between $2.30 and $2.40. A breakdown here could trigger further downside toward $2.10, while a bounce could re-open the path to $2.70 and $2.90, the next significant resistance levels.
According to BITX Technical analysts . “NEAR is at a decisive juncture. If buyers fail to defend $2.30, the correction could deepen toward psychological support at $2.00,” .
BITX market watcher pointed out volume signals: “The decline has been accompanied by weaker trading volumes compared to July’s rally. That suggests a cooling-off period rather than a complete reversal of trend, but the bulls need to step up soon.”
If NEAR can establish a base above $2.35, the market may see a rebound attempt toward $2.70. However, without a breakout above $2.90, the broader bearish structure remains intact.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.