Shocking Decline of NEAR: What Every Investor Must Know! 😱

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It is with no small measure of astonishment that I must report the recent tribulations of the Near Protocol (NEAR), which has suffered a most unfortunate decline in its market value over the course of the last twenty-four hours. The esteemed analyst, Mr. Ali Martinez, has taken it upon himself to delineate certain price levels that may prove pivotal in the quest for a recovery. One cannot help but wonder if the fates are conspiring against our dear NEAR! 😅

NEAR Must Reclaim $3.60 Support Level – Here’s Why

As per the esteemed records of CoinMarketCap, it appears that NEAR has plummeted by a staggering 2.98% in the last day, thus forcing it beneath the $3.40 threshold. Mr. Martinez, in a rather dramatic post on X, has observed that this unfortunate price loss has led our dear altcoin to dip below a parallel channel, which, I daresay, suggests a rather bearish disposition. How delightful! 🙄

In the realm of trading charts, a parallel channel is formed when the price dances between two parallel trend lines—one serving as a rather obstinate resistance and the other as a supportive friend, as evidenced by the levels of $8.50 and $3.60 on the NEARUSDT daily chart. When the price dares to break free from this channel, it may signal a shift in trends, either upward (a bullish breakout) or downward (a bearish escapade). Oh, the drama of it all! 🎭

In the unfortunate case of NEAR, it has indeed fallen below the support level, indicating a potential descent into the depths of despair. Should this trend continue, NEAR might find itself languishing as low as $1.5, which would represent a rather alarming 55% decline from its current standing. To avert such a dismal fate, Mr. Martinez asserts that it is of utmost importance for the NEAR bulls to reclaim and steadfastly hold the $3.60 support level, thereby fostering a more optimistic outlook for future price appreciation. Fingers crossed! 🤞

Should fortune smile upon us, Mr. Martinez predicts that NEAR could ascend to a price target of $4.50, where one might expect some selling pressure to emerge. Furthermore, there exists the tantalizing possibility of a rise to $5.50, which would represent the midpoint of the parallel channel and a formidable psychological resistance level. How thrilling! 🎉

Interestingly, the Relative Strength Index (RSI), currently languishing at 36.75, aligns with Mr. Martinez’s bullish predictions. An RSI at this level, if it were to trend upward, suggests that there remains ample room for price growth before we find ourselves in the overbought territory. How delightful it would be to witness such a turn of events! 🌟

NEAR Protocol Launches OmniBridge

In other, perhaps more uplifting news, the diligent development team behind the NEAR Protocol has unveiled the OmniBridge, a cross-chain infrastructure that promises to facilitate the seamless integration of NEAR-native assets across various blockchains. One can only hope that this innovation will bring about a brighter future for our beleaguered NEAR! 🌈

At the time of this writing, NEAR is trading at $3.38, reflecting a modest weekly gain of 2.82%, despite its recent misfortunes. However, one must note that the coin’s overall performance over the past month has been rather disheartening, with a reported price loss of 35.00%. Nevertheless, with a market cap of $4.17 billion, NEAR continues to hold its place among the top 30 largest cryptocurrencies in the world. Bravo, NEAR! 🎩

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2025-02-16 19:36