NEAR Protocol Drops Below Key Support as NEAR Price Faces $2.30 Test
The post NEAR Protocol Drops Below Key Support as NEAR Price Faces $2.30 Test appeared on BitcoinEthereumNews.com.
Iris Coleman
Aug 03, 2025 07:11
NEAR Protocol trades at $2.40 (+1.26%) but remains below critical moving averages. Technical indicators signal bearish momentum despite recent institutional buying surge.
Quick Take • NEAR currently trading at $2.40 (+1.26% in 24h) • NEAR RSI at 40.83 shows neutral momentum with bearish MACD divergence • Institutional buying drove 8% recovery earlier this week from $2.52 support zone What’s Driving NEAR Protocol Price Today? NEAR Protocol experienced mixed signals this week, with institutional accumulation providing temporary relief before technical weakness reasserted itself. The NEAR price surged 8.27% from $2.52 to $2.73 on July 31st, driven by strategic institutional buying during high-volume trading sessions on Binance spot markets. However, this institutional-driven rally appears to have lost momentum, with NEAR Protocol now trading back near the $2.40 level. The recent governance vote conclusion on reducing NEAR’s inflation rate from 5% to 2.5% has yet to provide significant price catalyst, as results remain pending and market focus shifts to technical factors. Despite the positive institutional sentiment demonstrated earlier this week, the current NEAR price action suggests profit-taking and technical resistance are limiting upward momentum. Trading volume remains elevated at $20.5 million on Binance spot, indicating continued interest but mixed directional conviction. NEAR Technical Analysis: Bearish Signals Emerge NEAR Protocol technical analysis reveals concerning momentum indicators despite the modest daily gain. NEAR’s RSI sits at 40.83, maintaining neutral territory but showing no clear bullish divergence. More troubling is NEAR Protocol’s MACD histogram at -0.0756, indicating persistent bearish momentum that contradicts the recent institutional buying narrative. The moving average structure presents additional headwinds for NEAR Protocol. The current NEAR price of $2.40 trades significantly below key moving averages: the 7-day SMA at $2.55, 20-day SMA at $2.75, and 200-day SMA at…
Filed under: News - @ August 3, 2025 2:29 pm