NEAR Tumbles 5% as Altcoin Market Fails to Sustain Rally
The cryptocurrency market is feeling the effects of broader uncertainty in equities as NEAR Protocol dropped 5.01% from $2.16 to $2.06 during the 24-hour period from June 25 to June 26.
The bearish pressure culminated in a sharp sell-off between 13:36-13:51 on June 26, when NEAR plunged to a session low of $2.05 on heavy volume exceeding 154K tokens.
Technical Analysis
- NEAR formed a clear bearish channel with resistance at $2.17-$2.19 and support at $2.09-$2.10, which was eventually broken on heavy volume exceeding 3.9M NEAR during the 12:00 hour.
- Notable volume spikes occurred during the 09:00-12:00 timeframe as selling pressure intensified, with the asset reaching its lowest point at $2.05 during the 13:00 hour.
- A potential double bottom pattern formed in the final 15 minutes of the analyzed period as buyers stepped in with increasing volume, suggesting possible short-term stabilization.
- The total price range over the 24-hour period was $0.14 (6.55%), indicating significant volatility.
CoinDesk 20 Index Whipsaws as Early Gains Evaporate
- The CD20 demonstrated significant volatility over the last 24 hours from 25 June 15:00 to 26 June 14:00, with a price range of $22.40 (1.29%).
- After reaching a peak of $1,762.50, the index retreated to $1,740.10, as early bullish momentum gave way to consistent selling pressure throughout the morning session.
- This pattern erased nearly all gains and suggests potential further downside if support at $1,740 fails to hold.
