NEAR trades about 37% below its near-$6 peak as U.Today flags $3.60 support
In brief
- NEAR traded around $3.77 on Binance, about 37% below its recent peak near $6.00, per U.Today.
- A break below $4.40 sped up the selling, according to U.Today.
- Key support sits at $3.60 to $3.70, with resistance at $4.20 to $4.40, U.Today said.
- RSI sits near the low end of neutral but isn't oversold yet, per U.Today.
How the rally unwound
NEAR spent most of October between $4.80 and $5.40, according to U.Today's chart analysis, and then it started making lower highs. That's where things turned.
U.Today said the break below $4.40 sped up the selling and brought the price down to its current level. It added that the latest drop pushed NEAR below several short-term moving averages (weakening its market position) and that the selling threatens to erase more of the bullish momentum built up through September and October.
The levels U.Today is watching
U.Today identified $3.60 to $3.70 as the key support zone, backed by the rising longer-term moving average. By the outlet's read, a clean break there could send NEAR toward $3.20 and possibly $3.00.
On the upside, resistance isn't far away. U.Today put the closest ceiling at $4.20 to $4.40 and said NEAR needs to reclaim that range before anyone can expect a proper recovery.
These are U.Today's technical levels. They aren't LeoDex News forecasts.
Momentum is fading but isn't oversold
The Relative Strength Index has dropped toward the lower end of its neutral range, according to U.Today, though the market hasn't reached oversold levels on indicators like RSI. The outlet said recent selling volume is still well below what NEAR saw during September's breakout, which it called a good sign, but it warned that continued selling could push the price down harder.
The bigger structure hasn't fully broken yet. U.Today said NEAR is still above its longer-term moving average near $3.00.
If buyers don't defend the $3.60 area and take back nearby resistance, the outlet said, October's rally could turn into a long correction.
Frequently asked questions
What support level is U.Today watching for NEAR?
U.Today identified $3.60 to $3.70 as the key support zone, backed by the rising longer-term moving average. The outlet said a clean break of that zone could send NEAR toward $3.20 and possibly $3.00.
What does NEAR need to do before a recovery, according to U.Today?
U.Today said $4.20 to $4.40 is the closest resistance and that NEAR needs to reclaim it before a proper recovery can be expected. It added that if buyers don't defend $3.60 and retake that resistance, the October rally could turn into a long correction.
Is NEAR oversold after the drop?
Not yet, according to U.Today. The outlet said NEAR's Relative Strength Index has dropped toward the lower end of its neutral range but hasn't reached oversold levels. It also said NEAR remains above its longer-term moving average near $3.00.
