The cryptocurrency market is witnessing a sharp decline in prices due to increasing geopolitical tensions, especially between Israel and Iran. Ethereum and NEAR Protocol have significantly lost value.
Cryptocurrency Market Under Pressure
The cryptocurrency market is displaying bearish volatility, evident in the sharp decline in prices across major cryptocurrencies. Ethereum (ETH) fell from a 24-hour high of $2,680 to around $2,470. Altcoins like NEAR Protocol also suffered, dropping over 10% in the last 24 hours.
Fractal Pattern of NEAR Protocol
Despite the negative trend, a deeper technical view suggests a potential bullish setup in NEAR, reminiscent of its past. In late 2021, NEAR formed a descending broadening wedge, typically considered a bullish signal. Since then, NEAR surged significantly, reaching above $20. Currently, a similar fractal is forming, with repeated rejections at the upper trendline.
Future of NEAR: Potential and Risks
If NEAR holds above the support zone and confirms a breakout above the descending wedge, it may, as before, demonstrate significant growth, potentially returning to levels of $18-$20. However, traders are advised to remain cautious and wait for clear confirmations as downside risks persist.
Thus, the cryptocurrency market remains under pressure amid global instability, yet some assets like NEAR Protocol show signs of potential recovery. Investors should carefully analyze the market before making decisions.
