NEAR Protocol Plunges 6% as Middle East Tensions Fuel Crypto Selloff

The cryptocurrency market faces renewed pressure as conflict between Iran and Israel intensify, with NEAR Protocol showing notable price sensitivity to these geopolitical developments.

The digital asset has established key support around $2.09-2.10, where increased trading volume suggests potential accumulation despite the overall bearish trend.

Technical analysis

• NEAR-USD exhibited a 6.1% trading range ($2.219 high to $2.085 low) with substantial selling pressure during the 15:00-16:00 timeframe.
• Above-average volume of 6.26M and 4.94M established a key resistance zone around $2.18-2.22.
• Support emerged at $2.09-2.10 with increased volume during the 10:00 hour, suggesting potential accumulation.
• The overall trend appears bearish with lower highs forming throughout the period.
• Final hours showed signs of stabilization as prices consolidated between $2.09-2.12, potentially forming a base for a technical bounce.
• In the last hour, NEAR-USD continued downward, dropping from $2.119 to $2.112.
• A significant sell-off occurred between 12:37-12:39 when price plummeted to $2.105.
• A key support zone formed around $2.106-$2.108, tested multiple times with increasing volume (68,050 units at 12:50).
• The asset attempted recovery in the final minutes, climbing from $2.105 to $2.112, forming a potential double bottom pattern.
• Short-term consolidation with decreasing selling volume indicates possible exhaustion of bearish momentum, though the overall trend remains negative.

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