NEAR Price Hinges on $1.97 Support as Bullish Momentum Fades

NEAR Protocol (NEAR) has been struggling to break above $2.00 despite a 4% increase since Sunday, causing its bulls to defend the support level at $1.97.

The cryptocurrency failed to overcome the key descending trendline resistance above $2.00, interrupting last week's recovery and shifting traders' attention toward the important support around the 50-day Exponential Moving Average (EMA).

While the broader technical structure has improved compared to recent weeks, weakening derivatives activity suggests that bullish momentum is beginning to fade.

The funding rate declined from 0.0120% on Friday to 0.0031% on Monday, indicating reduced demand for leveraged long positions and a more cautious market environment.

NEAR/USD remains above its 200-day EMA at $1.78, preserving the broader recovery structure, but holding above the 50-day EMA near $1.97 is crucial to maintain the current bullish setup.