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NEAR Plunges 8% as Middle East Tensions Rattle Crypto Markets
Uncertainty in the Middle East drove volatility despite protocol reaching 46 million monthly users.
Updated Jun 17, 2025, 4:46 p.m. Published Jun 17, 2025, 4:46 p.m.
What to know:
- NEAR Protocol token plunged 8.29% from $2.387 to $2.189 amid significant trading volume, forming a descending channel with support at $2.19.
- Tensions between Iran and Israel are creating volatility across cryptocurrency markets, with NEAR particularly affected.
- Recent hour-by-hour analysis shows NEAR briefly formed a bullish channel gaining 8.5% before facing strong rejection at $2.218 resistance, confirming bearish sentiment.
Escalating tension in the Middle East between Iran and Israel continues to ripple through the cryptocurrency market, prompting significant downside for a number of altcoins.
Despite NEAR Protocol's impressive milestone of reaching 46 million monthly users, the token has struggled to maintain price stability in the current geopolitical climate.
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It currently trades at $2.11 after falling from a high of falling from $2.38.
Technical Analysis
- NEAR experienced a significant correction, falling from $2.387 to $2.189, representing an 8.29% decline.
- A notable volume spike occurred during the 22:00-00:00 hours when prices broke below the $2.30 support level.
- Trading volume exceeded 6.5 million in a single hour—nearly triple the 24-hour average.
- Price action formed a descending channel with resistance at $2.29 and support at $2.19.
- Recent consolidation has occurred near the lower boundary of the channel. • High-volume selling pressure suggests further downside risk.
- Modest recovery from $2.189 indicates potential stabilization if buyers defend current support.
- In the last hour, NEAR showed significant volatility, rising from $2.200 to $2.218 before correcting to $2.199.
- A clear bullish channel formed between 13:05-13:35, gaining 8.5% with notable volume spikes.
- Strong rejection at the $2.218 resistance level led to a rapid sell-off between 13:41-13:44.
- Sell-off volume exceeded 100,000 units, confirming the bearish reversal.
- New support established at $2.198, aligning with the lower boundary of the descending channel.
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