Near Protocol (NEAR) has registered a significant price loss in the past 24 hours. Following this decline, renowned crypto analyst Ali Martinez has identified certain price levels critical to a potential recovery.
NEAR Must Reclaim $3.60 Support Level – Here’s Why
According to data from CoinMarketCap, the price of NEAR has dropped by 2.98% in the last day forcing a fall below $3.40. In an X post, Martinez notes this price loss has caused the altcoin to dip below a parallel channel, suggesting bearish tendencies.
On trading charts, a parallel channel is formed as the price moves within two parallel trend lines – one acting as resistance and the other acting as support as seen with $8.50 and $3.60, respectively on the NEARUSDT daily chart. When a price breaks out of this parallel channel, it signals a possible trend shift either bullish i.e. upward breakout above the upper boundary (resistance), or bearish i.e. breakout below the lower boundary (support).
In the case of NEAR, its price has fallen below the support level signaling a potential downtrend. If this occurs, NEAR could slide as low as $1.5 suggesting a possible 55% on the coin’s current price. To invalidate this bearish postulation, Martinez states it is vital NEAR bulls reclaim and hold the $3.60 as support, building a bullish case for further price appreciation.
If this positive scenario develops, Martinez predicts NEAR could reach a price target of $4.50 where some selling pressure may begin to develop. NEAR could also potentially rise to $5.50 which represents the mid-point of the parallel channel and strong psychological resistance level.
Interestingly, the Relative Strength Index indicator (RSI) currently at 36.75 aligns with Martinez’s bullish prediction. An RSI at this level, trending in the upward direction, suggests much room for price growth before entering the overbought zone.
NEAR Protocol Launches OmniBridge
In other news, the development team behind the NEAR Protocol has unveiled OmniBridge, a cross-chain infrastructure. Among other functions, OmniBridge is designed to enable the seamless integration of NEAR-native assets across several blockchains.
At the time of writing, NEAR trades at $3.38 reflecting weekly gains of 2.82% despite its recent dip. However, the coin’s general performance over the past month has been largely bearish with a reported price loss of 35.00%. However, with a market cap of $4.17 billion, NEAR continues to rank in the top 30 largest cryptocurrencies in the world.
