The NEAR Protocol currency decreased by 4.76% to reach $0.984 over the past 24 hours, significantly affected by a widespread sell-off in the market driven by pervasive negative sentiment. No specific factors related to the currency were shown in the available data.
1. The main reason: The market generally moved towards risk reduction, where NEAR showed high sensitivity to Bitcoin's decline of 4.63% amidst a state of severe fear.
2. The secondary reasons: A technical structure indicating overselling, where the price is trading below all major moving averages, and the Relative Strength Index (RSI) reflects weakness in momentum.
3. Near-term market outlook: If NEAR maintains the support level at the yearly low near $0.94, it may stabilize and trade within a narrow range; however, if this level is broken, the decline could extend towards $0.85. The recovery of the 7-day simple moving average at $1.01 should be monitored as a sign of potential stabilization.
1. The main reason: The market generally moved towards risk reduction, where NEAR showed high sensitivity to Bitcoin's decline of 4.63% amidst a state of severe fear.
2. The secondary reasons: A technical structure indicating overselling, where the price is trading below all major moving averages, and the Relative Strength Index (RSI) reflects weakness in momentum.
3. Near-term market outlook: If NEAR maintains the support level at the yearly low near $0.94, it may stabilize and trade within a narrow range; however, if this level is broken, the decline could extend towards $0.85. The recovery of the 7-day simple moving average at $1.01 should be monitored as a sign of potential stabilization.