[NEAR struggles below $4, predicts W-shaped recovery from bear market]
AI tokens are trading lower as the crypto market continues to be bearish. The U.S. Department of Justice issued a subpoena to NVIDIA, adding to the woes of the AI crypto market, which dropped to $25.55 billion.
NEAR coin attempts to hold support with a double bottom reversal pattern. The daily chart shows NEAR price falling from $8.28 to $3.73, forming a descending channel pattern. The price is down 25% and has a long lower shadow at $3.49. The 50-day and 200-day moving averages are forming a death cross, indicating a downward trend.
Nonetheless, there is a bullish divergence on the RSI line, suggesting that the price may once again challenge the overhead resistance. Data from Near Blocks shows that the number of unique accounts on the NEAR protocol has dropped significantly, from 2.25 million in April to about 700,000. While full-year data typically recovers, trends over the past three weeks show a lack of new accounts.
Year-to-date trading volume shows growth. At the beginning of this year, the total transaction volume was 3.991 million, with 1.169 million new addresses. The latest data shows that the transaction volume increased to 7.459 million, and the number of new accounts was 712,000.
While NEAR price is within a bear channel and capped by key moving averages, support at $3.495 remains strong. A bullish tit-for-tat K-line appeared during the day, suggesting a possible recovery. Next resistance levels based on Fibonacci levels are $4.62 and $5.32.
