NEAR Protocol (NEAR) has recently broken below its parallel channel, signaling potential bearish pressure. This move has caught the attention of traders as the price tests crucial support and resistance levels. Here’s what to watch moving forward:
Key Levels to Watch:
- Support at $4.50: If NEAR holds above this level, there’s still a chance for a bounce back and potential reversal. A break below could lead to further downside.
- Resistance at $6.00: If NEAR recovers, this level will act as a key resistance. Breaking through could set up a recovery back to previous highs.
- Trendline and Moving Averages: Pay attention to the trendline and key moving averages for any signs of a trend reversal or continued downward pressure.
Conclusion
The break below the parallel channel raises caution for NEAR investors. Watch $4.50 for support and $6.00 for resistance. The price action around these levels will determine the next move. Stay alert for any signs of recovery or further decline.
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