NEAR Protocol Tests Support After Failing to Hold $6 Breakout

The token traded at $4.97 on October 13, marking a 17% decline from its recent highs. Data from the Binance daily chart shows the price slipping below the 20-day simple moving average of $5.03, while the daily MACD has crossed into negative territory. This shift confirms a loss of the aggressive upward momentum that characterized the asset's September rally from the $2 range.

Analyst Giannis Andreou identifies $4.50 as the critical floor for maintaining a bullish outlook. Reclaiming the 20-day average is the first hurdle for buyers, but broader gains depend on clearing the $6 threshold on a weekly basis. Success at that level would open a path toward $8.80 and eventually $16, according to his projections. Conversely, a failure to hold the $4.50 support zone would likely trigger a deeper correction toward $3.98.

Despite the daily pullback, weekly indicators maintain a bullish structure. The weekly Supertrend remains at $2.95, and the Awesome Oscillator continues to record positive readings. Liquidation heatmaps from CoinGlass suggest significant volatility near the current price, with clusters of liquidations identified between $4.85 and $4.90, reinforcing the importance of the $4.50 to $5.30 demand zone for near-term price stability.