The conflict between Israel and Iran prompted a crypto market seller on Friday, with a close protocol that experiences significant price volatility despite the wonderful metrics of adoption.
Protocol has emerged as a leading solution to Layer-1, which exceeds established competitors such as the Ethereum, Binance chain, and tron to monthly active users, featuring a growing shift to user preferences towards platforms that offer lower transaction costs and improved use.
Market analysts note that the recent Near price correction has taken place despite its strong foundations, along with the token that currently trades below the key technical indicators.
The focus of the user-friendly infrastructure protocol, along with features such as account signatures and chain chains, has positioned it as an attractive choice for both developers and users in the blockchain space, especially if it expands with AI applications and web3 consumer apps.
While the action of short-term price remains uncertain with the support of $ 2.20 and resistance to $ 2.30, noticeable user growth suggests the potential for recovery if greater market conditions will improve and the institutional interests continue to develop around the ecosystem expansion.
Technical analysis
- Near the USD is subject to a significant correction, which breaks from $ 2.50 to low $ 2.18, representing a 12.8% decline within 24 hours.
- The most severe sale occurred at midnight time (00: 00-02: 00), with a high volume (5.4-6.9 million) establishing a strong resistance zone around $ 2.37.
- A moderate recovery attempt has emerged from the $ 2.18 support level, with a price stabilizing the $ 2.21- $ 2.25 range, although the bounce is lacking belief proven by reducing volume in recovery phases.
- Building lower highs and higher lows because the initial collapse suggests integration -together, with immediate support of $ 2.20 and resistance to $ 2.30 likely to determine the next move movement.
- Last time, the near-USD showed significant volatility with a strong recovery from the previous correction, climbing from $ 2.217 to a peak of $ 2.239 before the integration.
- The most prominent price action took place between 13: 31-13: 40, which closely advanced nearly 4% in excess of high volume (86,916-147,856 units), which established a new resistance zone around $ 2.235.
- A short pullback at $ 2.214 at 13:54 found immediate support, with consumers stepping up to push prices back above $ 2.22.
- Hourly close to $ 2.223 represents a 0.5% gain from the price opening, with quantity patterns that suggest accumulation following the previous sale, which potentially indicates a short-term return.
