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).
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