Market Overview for NEAR Protocol/Tether (NEARUSDT)

• NEAR/USDT opened at $2.349 and closed at $2.357, with a 24-hour high of $2.394 and low of $2.311.
• A sharp decline from $2.414 to $2.311 in late afternoon ET suggests bearish pressure, with bearish momentum visible in the MACD.
• Volatility spiked during the 24-hour window, with total volume reaching 4.3 million NEAR and turnover at $9.96 million.
• Key support appears at $2.35–2.36, while resistance levels around $2.37–2.38 and $2.40–2.41 are key to watch for direction.

NEAR Protocol/Tether (NEARUSDT) opened at $2.349 at 12:00 ET on 2025-10-26 and closed at $2.357 at the same time on 2025-10-27. The pair reached a high of $2.394 and a low of $2.311 over the 24-hour period. Total trading volume amounted to 4.3 million NEAR, with a notional turnover of $9.96 million, indicating significant activity amid choppy price action.

The price action over the 15-minute chart reveals a strong bearish thrust in the late afternoon hours, with a sharp drop from $2.414 to $2.311, forming a large bearish candle. This suggests a potential exhaustion of bullish momentum and a possible shift in control to sellers. Key support levels appear at $2.35–2.36 and $2.32–2.33, with resistance at $2.37–2.38 and $2.40–2.41. A bullish breakout above $2.40 could reignite upward momentum, but bearish continuation below $2.35 could push the price toward $2.31 or even lower.

The 20-period and 50-period moving averages on the 15-minute chart both show downward drifts, with the price remaining below both, suggesting continued bearish bias in the short term. The daily chart shows the 50-, 100-, and 200-period SMAs converging around $2.38–2.40, indicating a key psychological level for bulls to defend. A move above the 200-period MA (currently at ~$2.39) would signal a potential trend reversal.

Relative Strength Index (RSI) data is temporarily unavailable due to data interface limitations, but based on price behavior, overbought conditions were observed in the morning hours when the price surged above $2.39, followed by a sharp sell-off into oversold territory. This pattern suggests a potential mean reversion scenario. Bollinger Bands indicate a moderate contraction in volatility before the late afternoon sell-off, suggesting a breakout was imminent. The price has since been trading in the lower half of the bands, reinforcing a bearish sentiment.

The volume profile shows a spike in trading activity during the afternoon sell-off, with a large bearish candle at $2.311 indicating a strong rejection of higher prices. Notional turnover also spiked during the same period, confirming the bearish move. Divergence between price and volume is not observed, suggesting the move is still supported by active selling pressure.

Fibonacci retracements applied to the recent bearish move from $2.414 to $2.311 show key levels at $2.367 (38.2%), $2.340 (50%), and $2.314 (61.8%). The price currently sits just above the 50% retracement level, indicating a potential area of consolidation. A break below $2.340 could lead to a test of the 61.8% level and possibly a continuation of the downtrend.

Given the current conditions, NEAR/USDT may face further downward pressure over the next 24 hours if support at $2.35 holds. A reversal above $2.37 could trigger a rebound, but a break below $2.32 would heighten the risk of further losses. Investors should remain cautious, especially with thin volume levels potentially increasing price slippage during volatile moves.

Backtest Hypothesis
To proceed with a backtest of NEAR/USDT, a refined approach is needed due to the missing RSI data. One viable option is to retrieve the raw 15-minute OHLC price data and calculate RSI values locally, allowing for accurate entry and exit signal generation based on overbought (e.g., RSI > 70) and oversold (e.g., RSI < 30) conditions. For data alignment, using an exchange-specific symbol—such as BINANCE:NEARUSDT or COINBASE:NEARUSD—would improve data retrieval accuracy. If the symbol remains unavailable, a price-based RSI backtest is still feasible and could provide meaningful insights into the effectiveness of a momentum trading strategy over the past 24 hours.