Market Overview for NEAR Protocol/Tether (NEARUSDT)

Summary
• Price dipped below key support at 1.70 after a bullish 5-minute engulfing pattern failed to hold.
• Volume spiked sharply during the morning ET downtrend, with turnover confirming bearish momentum.
• RSI entered oversold territory late in the session, hinting at potential short-term rebound.
• Bollinger Bands widened significantly during the 16:00–17:00 ET window, indicating rising volatility.
• 20-period MA crossed below 50-period MA on the 5-minute chart, signaling short-term bearish bias.

NEAR Protocol/Tether (NEARUSDT) opened at 1.719 on 2026-01-07 12:00 ET and closed at 1.701 by 2026-01-08 12:00 ET, with a high of 1.737 and a low of 1.661. Total 24-hour volume amounted to 14,570,503.6 and turnover reached $23,733,147.30.

Structure & Formations

The price broke below a key 5-minute support level near 1.70 after a failed bullish engulfing pattern on the 16:00–16:15 ET chart. A doji formed at 1.701 on the 12:00–12:15 ET period, indicating indecision. Fibonacci retracements from the 1.661–1.737 swing suggest 1.687 (38.2%) and 1.677 (61.8%) as possible short-term support zones.

Moving Averages

On the 5-minute chart, the 20-period MA crossed below the 50-period MA during the 15:00–15:15 ET window, forming a death cross. The 50-period MA sits at ~1.703, and the 20-period MA at ~1.697, indicating bearish bias in the near term. Daily chart averages show NEARUSDT remains below its 50/100/200-period MA cluster, reinforcing the downtrend.

MACD & RSI

MACD turned negative during the 06:00–06:15 ET session, with the histogram showing bearish divergence. RSI dipped below 30 toward the close, hitting 28, signaling oversold conditions. However, this may not be a strong enough signal to trigger a reversal without a bullish breakout above 1.703.

Bollinger Bands

Volatility expanded notably during the 16:00–17:00 ET window, with the upper band reaching 1.719 and the lower band at 1.671. Price spent the final 5 hours of the session near the lower band, suggesting exhaustion in the bearish move.

Volume & Turnover

Volume surged during the morning downtrend, with the largest 5-minute spike reaching 1.23 million at 16:15 ET. Notional turnover aligned with the volume spike, confirming bearish momentum. Divergence appears between volume and price during the final 2 hours, as volume declined while price remained near 1.67–1.68, suggesting short-term equilibrium.

Fibonacci Retracements

Key Fibonacci levels for the 1.661–1.737 swing include 1.687 (38.2%) and 1.677 (61.8%). NEARUSDT may test these levels in the next 24 hours. A break below 1.661 would extend the move to 1.650 (78.6%), though that scenario is less likely without stronger bearish catalysts.

Over the next 24 hours, NEARUSDT appears to be consolidating near the 1.67–1.68 range after a volatile 24-hour session. Traders should watch for a rebound above 1.703 or a breakdown below 1.661 as potential directional triggers. However, risks remain elevated due to the recent expansion in volatility and mixed momentum signals.