NEAR Protocol Tests $1.80 Support As Bearish Sentiment Grows

NEAR Protocol ($NEAR), the popular L1 blockchain entity, has reached a crucial support test. Particularly, the price of NEAR Protocol’s official token, $NEAR, is hovering around $1.841, denoting a notable support test near the $1.80 threshold. As per Ali Martinez, a well-known crypto analyst, $NEAR needs to hold above the $1.80 level for further growth. In the meantime, the traders are keenly looking for the indications of a deeper decline or a rebound to come in the near term.

NEAR Protocol Faces Risk of Plunge to $1 Amid Support Test at $180

At present, NEAR Protocol ($NEAR) is changing hands at $1.841. At the same time, $NEAR is testing its critical support level, which stands at $1.80. Keeping this in view, it needs to maintain its price above this point. However, in the case of a drop, $1.00 will be the next resistance level. Therefore, $NEAR is going through a downside pressure amid the declining bullish momentum. Thus, losing $1.80 could lead to a deeper plunge.

Over the past week, $NEAR has gone through a massive 24.74% decline in terms of price. In the meantime, the 30-day price performance of $NEAR accounts for a 17.01%. In the same vein, $NEAR’s 24-hour volume shows a 48.26% decrease at $194.05M. Even then, there is a chance for it to surge above as the market cap has touched $2.4B, denoting a 1.91% increase over twenty-four hours.

Market Cap Builds Momentum for $BEAR for Further Upside

According to Ali, the bearish outlook of the price raises concerns over the further price spike amid the critical support level of $1.80. In line with the historical data, dropping below the $1.80 mark could trigger a deeper price plunge. However, as affirmed by the market cap surge, $NEAR is anticipated to maintain the current price position and rise to new heights.

Crypto journalist with years of experience providing in-depth analysis and news on blockchain and decentralized finance. With a keen eye for detail, Shahzaib delivers insightful articles that explore the latest trends, market movements, and innovations within the crypto and blockchain ecosystem. His work focuses on educating readers while offering expert commentary on the evolving landscape of digital assets, DeFi protocols, and the broader impact of blockchain technology.