Market Overview: NEAR Protocol Faces Strong Bearish Pressure Against Tether

Summary
• Price dropped from 1.845 to 1.665 on 24-hour 5-min data, with key support at 1.65–1.66.
• Volume surged on the downward leg, but turnover diverged at lower levels.
• RSI entered oversold territory, suggesting potential near-term bounce.
• Bollinger Bands expanded during the decline, indicating heightened volatility.
• A bullish engulfing pattern appears at the 1.665 level as potential reversal sign.

NEAR Protocol/Tether (NEARUSDT) opened at 1.772 on 2025-12-10 at 12:00 ET and closed at 1.665 on 2025-12-11 at 12:00 ET. The pair reached a high of 1.847 and a low of 1.651 during the period. Total volume across the 24-hour window was approximately 7.9 million contracts, with notional turnover of $13.7 million.

Structure & Formations

The 5-minute chart shows a sharp decline from a peak at 1.847 to a low at 1.651, forming a bearish impulse with key support levels at 1.65–1.66. A bullish engulfing pattern emerged at the 1.665 level as the price bounced, potentially signaling a short-term reversal. Doji patterns also appeared near 1.78 and 1.661, highlighting indecision and potential reversal points.

Moving Averages

On the 5-minute chart, price broke below both the 20 and 50-period moving averages, reinforcing the bearish momentum. On the daily chart, the price closed below the 50, 100, and 200-period MAs, suggesting sustained downward pressure and a bearish bias.

Momentum Indicators

RSI reached oversold territory below 30 during the late stages of the decline, hinting at potential consolidation or a rebound. MACD showed bearish divergence, with the line and histogram both trending downward despite a price bounce at the support level.

Volatility & Bollinger Bands

Bollinger Bands expanded significantly during the decline, indicating rising volatility. Price action remained near the lower band for much of the day, with a brief retest of the 1.665 level showing initial resilience.

Volume and Turnover

Volume spiked during the initial downward move from 1.847 to 1.665, with high turnover supporting the move. However, at lower levels, volume diminished despite continued price declines, suggesting a potential loss of selling pressure. This divergence could foreshadow a near-term bounce.

Fibonacci Retracements

On the 5-minute swing from 1.847 to 1.651, the price found support near the 61.8% retracement level at 1.665.

If this level holds, the next potential resistance would be at 1.70, while a break below 1.65 could see further declines toward the 1.62 level.

Looking ahead, NEAR Protocol may consolidate near 1.665 in the next 24 hours, with a potential test of the 1.70 level if short-term buying pressure materializes. However, a breakdown below 1.65 could signal a deeper correction, and investors should remain cautious about entering long positions without a clear reversal confirmation.