Market Overview for NEAR Protocol/Tether (NEARUSDT): 24-Hour Technical Summary

• NEARUSDT declined by ~9.5% in 24 hours, forming bearish momentum and a key support at 2.85.
• Price traded below all major moving averages, with RSI indicating oversold conditions.
• Volatility expanded during the drop, with the 15-minute Bollinger Bands widening.
• Heavy selling pressure occurred after 23:15 ET, pushing price toward Fibonacci 61.8% level at 2.86.
• Downtrend confirmed by bearish engulfing patterns and weak volume confirmation on the downside.

Price Action and Context

NEARUSDT opened at 3.082 on 2025-09-24 at 12:00 ET and closed at 2.834 on 2025-09-25 at 12:00 ET, with a high of 3.119 and a low of 2.79. The 24-hour period saw a total traded volume of approximately 28,848,186.2 units and a notional turnover of $78,058,239.6 (based on average price). The price action reflects a strong bearish bias, with a clear breakdown from the prior 24-hour high and a rapid descent toward key support levels.

Structure & Formations

The chart displayed a strong bearish momentum after 23:15 ET, with a bearish engulfing pattern forming as the price broke below 3.06. A series of small-bodied candles followed, signaling capitulation and fear in the market. A notable doji formed near the 2.88 level, hinting at indecision. Key support levels emerged at 2.86 (Fibonacci 61.8%) and 2.85, with a potential pivot at 2.83. A break below 2.83 could trigger a test of the 200-period daily moving average at approximately 2.81.

Indicators and Momentum

The 20- and 50-period moving averages on the 15-minute chart remained above the price, reinforcing the bearish trend. The RSI hit oversold territory near 25, indicating a potential short-term bounce, but without a clear reversal pattern, it remains speculative. MACD showed a bearish crossover with the signal line, and the histogram was trending lower, confirming weakening momentum. Bollinger Bands widened significantly during the sell-off, reflecting increased volatility, with price closing near the lower band at 2.834.

Backtest Hypothesis

Given the recent breakdown and bearish confirmation, a potential short strategy could be tested: a sell entry on a close below the 2.86 level, with a stop above the 2.89 resistance and a target at 2.80 (Fibonacci 78.6%). This approach would aim to capture continuation in a strong downtrend. A trailing stop could be added to protect profits if the price retests key support levels after the initial move. The strategy could be tested using the 15-minute data to evaluate its performance across the past 24 hours.