NEAR Price Crashes Toward $2! Traders Eye a Make-or-Break Zone for the Next Big Move

NEAR Protocol has dropped drastically because it has been unable to overcome the resistance of the $3.40 mark several times. According to the recent analysis conducted by account of crypto-chiefss, NEAR currently trades close to the 2.00 -2.20 range, which coincides with the 61.8 percent Fibonacci retracement level. This is the range that the traders are closely monitoring that will determine the next big move in the reversal.

NEAR has had multiple rejections at the 3.40 price, with a high level of selling activity. Every effort to dislodge a gain above 3.40 was resistant, which established 3.40 to be a strong resistance. The crack-down left a clear bearish structure which many traders are presently keeping an eye on hoping that it will stabilize.

NEAR Market Structure Signals Weakness

The modern day price of between $2.00 and 2.20 is a classical retracement zone of the technical analysis. The Fibonacci level of 61.8% level tends to serve as a good support in cryptocurrencies markets. This zone is where traders identify reversals in a downtrend. The price of NEAR is at that point of time, giving the bulls and bears tension.
When the price is over $2.00, traders believe that there is a potential bouncing up to 2.50 to 3.00. The price may however fall below $2.00, negating the rebounding price, to fall to 1.50.

As CoinMarketCap values NEAR at about 2.10 with a 24-hour volume of 149 million and a market cap value of 2.69 billion. The slight increase of 1.2 per cent daily indicates a weak purchasing power. According to TradingView charts, there is strong resistance wall at the level of 3.40 and a downward direction trend line since the middle of October. The RSI is at around 35 indicating almost over sold markets which may see a short term burst in case of an increase in volume.

Altcoin Market Context

Altcoins linger around accumulation areas. According to analysts, smart money is creeping at existing prices. The consistent tangible price movement around BTC of approximately 67,000 has opened opportunities to altcoins such as NEAR to pull back in case of a bullish sentiment. Other large-cap coins, such as Dash and Bitcoin Cash (both up more than 50 percent and 30 percent, respectively) have recently recorded high rebounds, which the NEAR could follow suit.

Short-term traders will pay attention to the confirmation of the $2.002.20 zone. With NEAR breaking above the 2.20 line on the upvolume, most of them are optimistic of a rise back up to 2.80 and 3.00. However, risk remains. Any close below 2.00 a day would move sentiment bearish and probably cause a domino effect to 1.50.