NEARUSDT Plunges 6.8% After Breaking Key Support, Then Fights Back Near $1.09

Summary
• Price dropped 6.8% after breaking below key support near $1.085.
• Volatility surged during the Asian session with a 1.10–1.056 range.
• RSI hit oversold territory below 30, suggesting potential for a rebound.
• Volume spiked at 16:15 ET as buyers pushed NEARUSDT back above $1.09.

NEAR Protocol/Tether (NEARUSDT) opened at $1.086 on 2026-02-06 12:00 ET and closed at $1.045 by 12:00 ET the next day. The price touched a high of $1.106 and a low of $1.04. Total volume for the 24-hour window was 7,360,388.2, with notional turnover of $7,887,542.

Structure & Formations

Price action showed bearish breakdown from the $1.085–$1.090 consolidation range, followed by a potential bullish reversal as the market tested $1.04–$1.05. A bearish engulfing pattern formed on the $1.105–$1.082 bar, while a bullish engulfing pattern emerged near the session low at $1.04–$1.05. A doji formed near $1.056, signaling indecision.

Moving Averages

On the 5-minute chart, price closed below the 20-period (1.066) and 50-period (1.072) moving averages, indicating short-term bearish momentum. The daily 50-period MA appears to be around $1.078, while the 200-period MA is near $1.085, suggesting a potential support zone for the next 24 hours.

MACD & RSI

The 5-minute MACD crossed below zero with bearish momentum, but a recent rally pulled the MACD line back toward zero. RSI dipped below 30, indicating oversold conditions, although a rebound may be limited without a sustained volume increase.

Bollinger Bands

Volatility expanded significantly as price traded within a wide $0.06 range. The 5-minute Bollinger Bands were at 1.074–1.099 before the breakdown, and the current price is near the lower band of the new range. This could imply a potential bounce, but confirmation is needed.

Volume & Turnover

Trading volume surged during the Asian session and again in the early North American hours, especially around 16:15 ET when buyers pushed price back to $1.091. Turnover also spiked during this period, showing that the buying pressure was genuine. However, volume has declined during the final hours, which may suggest caution ahead of the next session.

Fibonacci Retracements

The 5-minute swing from $1.04–$1.106 showed key levels at 61.8% (1.074) and 38.2% (1.068). Price has bounced near the 38.2% level and may test 61.8% if buyers re-enter the market. On the daily chart, 61.8% of the previous upswing is near $1.085, where a potential support may hold.

If buyers manage to reclaim the $1.08–$1.09 range, NEARUSDT could see a short-term rebound. However, bearish momentum remains strong unless volume and turnover confirm renewed bullish interest. Investors should monitor the $1.05–$1.07 range as a key battleground for the next 24 hours.