NEAR Protocol Tests $1.80 Support as Bearish Sentiment Grows

NEAR Protocol ($NEAR), the popular L1 blockchain entity, has reached a crucial support test. Particularly, the price of NEAR Protocol’s official token, $NEAR, is hovering around $1.841, denoting a notable support test near the $1.80 threshold. As per Ali Martinez, a well-known crypto analyst, $NEAR needs to hold above the $1.80 level for further growth. In the meantime, the traders are keenly looking for the indications of a deeper decline or a rebound to come in the near term.

NEAR Protocol Faces Risk of Plunge to $1 Amid Support Test at $180

At present, NEAR Protocol ($NEAR) is changing hands at $1.841. At the same time, $NEAR is testing its critical support level, which stands at $1.80. Keeping this in view, it needs to maintain its price above this point. However, in the case of a drop, $1.00 will be the next resistance level. Therefore, $NEAR is going through a downside pressure amid the declining bullish momentum. Thus, losing $1.80 could lead to a deeper plunge.

Over the past week, $NEAR has gone through a massive 24.74% decline in terms of price. In the meantime, the 30-day price performance of $NEAR accounts for a 17.01%. In the same vein, $NEAR’s 24-hour volume shows a 48.26% decrease at $194.05M. Even then, there is a chance for it to surge above as the market cap has touched $2.4B, denoting a 1.91% increase over twenty-four hours.

Market Cap Builds Momentum for $BEAR for Further Upside

According to Ali, the bearish outlook of the price raises concerns over the further price spike amid the critical support level of $1.80. In line with the historical data, dropping below the $1.80 mark could trigger a deeper price plunge. However, as affirmed by the market cap surge, $NEAR is anticipated to maintain the current price position and rise to new heights.