The cryptocurrency market is currently experiencing a slight cooldown, particularly in light of price fluctuations in Ethereum and other altcoins, including NEAR Protocol.
Current Cryptocurrency Market Situation
The cryptocurrency market is observing a slight correction as Ethereum (ETH) touched $4,349 before easing back to the $4,185 range. This modest pullback has affected several major altcoins, including Near Protocol (NEAR), which notched a 6% weekly gain before slipping into the red.
NEAR Protocol Chart Pattern
On the daily timeframe, NEAR is moving within a symmetrical triangle formation, but short-term momentum shows signs of fatigue. Inside this broader pattern, a bearish ABCD fractal has taken shape, closely resembling a setup seen earlier this year. In mid-June, NEAR’s rally stalled at the ‘C’ point and was swiftly rejected, leading to a breakdown below both the 25-day and 100-day moving averages, triggering a 33% sell-off.
What’s Next for NEAR?
If the fractal plays out again, a clean break below the 100-day MA could spark another leg down toward the Potential Reversal Zone (PRZ) and lower channel support around $1.94, representing roughly a 26% decline from current levels. However, bulls still have a lifeline: reclaiming the 25-day MA and closing above $2.85 would invalidate the bearish setup, potentially inviting renewed buying pressure.
The cryptocurrency market continues to move with fluctuations, and NEAR Protocol, by mirroring familiar chart patterns, may face significant support and resistance levels that will define its upcoming movements.
