Near Protocol price could risk 10% correction

Near Protocol price could risk 10% correction

Near Protocol's price has undergone a notable reversal in recent times, noting a median deviation of 55% from the market range bottom at $4.27. Currently, market activity points to a potential 10% correction that could push the price to the psychologically relevant $6.00 level before a possible recovery takes hold. A key indicator of a possible trend reversal would be a breakout and close above $7.95, which would invalidate the bearish thesis.

Despite an impressive 42% recovery after a previous decline, Near Protocol is currently in an area of ​​heightened uncertainty as bears show their interest in selling NEAR securities. The token's volume profile indicates increased bearish activity, particularly near the $7.00 price level, which could potentially lead to further price declines if selling pressure continues. A significant number of bearish spikes on the volume profile could indicate an impending trend reversal from bullish to bearish.

In the event of continued selling pressure and a possible decline in value, Near Protocol's price could fall to support at $6.00 and possibly extend to the 50-day SMMA of $5.31 or even to the $5.13 level before a recovery occurs. However, a market break above the supply zone at $7.95 could mark a turning point and further propel NEAR's recovery, putting the interim high at $9.01 back within reach.