🚨$NEAR 🔻dropped nearly 16% to $4.49 despite receiving bullish attention from Bitwise. Is this the beginning of a deeper correction, or could another rally be coming?
NEAR Protocol delivered an impressive 198% gain in Q3, outperforming Bitcoin’s 43% rise and Ethereum’s 71% increase. Bitwise CIO Matt Hougan recently highlighted NEAR as one of the few smaller crypto projects worth watching because it has a working business rather than just hype.
The biggest attraction is NEAR Intents, which recorded $4.80 billion in trading volume during September. That’s a massive jump from less than $500 million a year earlier. Its technology aims to simplify transactions between different assets, potentially allowing AI agents to handle more trading activities automatically.
But here’s where things get interesting. Despite this strong fundamental story, NEAR has suffered a sharp correction, falling from $5.34 to around $4.49 and briefly touching $4.30.
Why? After climbing nearly three times from its August low near $1.60, traders may be taking profits. RSI has cooled from above 80 to 52.7, while the MACD signals increasing bearish pressure.
What happens next? The $4.30 level is crucial. If buyers defend this support, NEAR could attempt a recovery toward $5.00 and potentially $5.34. However, a decisive breakdown below $4.30 could expose the price to further downside.
NEAR has strong growth behind it, but can fundamentals overcome short-term selling pressure?
Are you buying this dip or waiting for a deeper correction?
NEAR Protocol delivered an impressive 198% gain in Q3, outperforming Bitcoin’s 43% rise and Ethereum’s 71% increase. Bitwise CIO Matt Hougan recently highlighted NEAR as one of the few smaller crypto projects worth watching because it has a working business rather than just hype.
The biggest attraction is NEAR Intents, which recorded $4.80 billion in trading volume during September. That’s a massive jump from less than $500 million a year earlier. Its technology aims to simplify transactions between different assets, potentially allowing AI agents to handle more trading activities automatically.
But here’s where things get interesting. Despite this strong fundamental story, NEAR has suffered a sharp correction, falling from $5.34 to around $4.49 and briefly touching $4.30.
Why? After climbing nearly three times from its August low near $1.60, traders may be taking profits. RSI has cooled from above 80 to 52.7, while the MACD signals increasing bearish pressure.
What happens next? The $4.30 level is crucial. If buyers defend this support, NEAR could attempt a recovery toward $5.00 and potentially $5.34. However, a decisive breakdown below $4.30 could expose the price to further downside.
NEAR has strong growth behind it, but can fundamentals overcome short-term selling pressure?
Are you buying this dip or waiting for a deeper correction?