<em><strong>The NEAR Technical Analysis offers a selling opportunity as the high momentum selling spree gives a bearish breakout of a falling wedge.</strong></em>

The NEAR price action shows a bearish breakout of a long-coming falling wedge pattern in the daily chart. Additionally, the downtrend breaks the crucial support level of $3.5, unleashing the trapped momentum and approaching the bottom support at $2.5. So, should you consider taking a bearish position?
<h3>Key Points:</h3>
<ul>
 	<li>The <a href="https://www.cryptoknowmics.com/news/an-introduction-to-the-near-protocol-what-is-it-and-how-does-it-work/" target="_blank" rel="noopener">Near Protocol</a> price action shows a bearish breakout entry opportunity.</li>
 	<li>The price dump crosses below the $3.5 support level.</li>
 	<li>The intraday trading volume in Near Protocol is $45.67 million.</li>
</ul>
<p style="font-weight: 400"><span style="font-weight: 400"><img class="aligncenter size-full wp-image-248401" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2022/10/08690815-3BFF-4D65-9020-74AEE5FF5C16.png" alt="NEAR Price Chart" width="2314" height="1139" />
</span></p>
Source - <a href="https://www.tradingview.com/x/KP0jmbdp/" target="_blank" rel="nofollow noopener">TradingView</a>
<h2>NEAR Technical Analysis</h2>
As mentioned in our <a href="https://www.cryptoknowmics.com/news/near-technical-analysis-will-uptrend-start-in-falling-wedge" target="_blank" rel="noopener">previous analysis</a>, the NEAR price action shows a growing bearish influence over the consolidation range leading to a downtrend. The falling prices break below the crucial support at $3.5, reflecting a remarkable selling spree.

On further analysis, the price action offers a selling opportunity as the price trend breaks below the falling wedge. Moreover, the spike in teasing volume supports the bearish breakout signaling a downtrend continuation.

Currently, the daily candle shows a lower price rejection and highlights a retest phase of the trendline fallout.

If the selling pressure increases, the layer-1 token’s market price will drop to $2.5 accounting for a 20% decline. Conversely, if the retest phase gains bullish momentum, a reversal will pump the NEAR prices to the 50-day EMA at $3.93.
<h2>Technical Indicators</h2>
The RSI indicator shows a Declining trend in the nearly oversold zone kissing the oversold boundary, highlighting a bearish power. Moreover, the bearish gap between the Fast and slow lines increased with the bearish histograms.

Therefore, the NEAR technical analysis suggests that the sideline traders can find a selling opportunity at current prices.

Resistance Levels - $3.5 and $3.93

Support Levels - $3 and $2.55

NEAR Technical Analysis: Wedge Fallout Warns A Crash To $2.5

The NEAR technical analysis offers a selling opportunity as the high momentum selling spree gives a bearish breakout of a falling wedge.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

NEAR Technical Analysis: Wedge Fallout Warns A Crash To $2.5

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