Large-cap altcoins experienced mixed trading sessions, with major names such as Near Protocol (NEAR), Shiba Inu (SHIB), Chainlink (LINK), and Ethereum (ETH) testing significant support areas after notable pullbacks from recent highs.
NEAR’s uptrend remains above $4.30 despite 24% pullback
Near Protocol, a leading layer 1 blockchain platform designed to make decentralized applications easy to build and use, is trading close to $4.55 on the daily chart following a strong rally this year. The price climbed from around $1.80 in August to nearly $6.00 by mid-October, marking one of the best performances among large altcoins during this period. However, from its recent peak, NEAR retreated approximately 24% in an orderly fashion.
Key moving averages between $4.30 and $4.40 have repeatedly provided support, with buyers stepping in at these levels. All major trend indicators still point to the upside. Further below, moving average support zones at $3.60 and $2.90 suggest the larger upward trend is intact for now.
The main area of concern for NEAR is declining volume, which has faded since the early October high. The Relative Strength Index (RSI) has pulled back to 48 from more overheated conditions, reflecting a cooling market but not yet a shift to bearish sentiment.
Despite a 24% drop from its peak, Near Protocol continues to trade above $4.30, signaling an intact uptrend if buyers return with stronger volumes.
Immediate resistance stands at $4.75, followed by $5.20 and $5.60, which could reopen the path toward $6.00 if surpassed. On the downside, $4.30 remains the crucial support; a significant break below this level places the next support at $3.60.
SHIB struggles below key averages as low volume weighs
Shiba Inu, a widely followed meme token, trades at $0.00000491 and remains below all major moving averages. The next resistance comes from averages clustered between $0.00000520 and $0.00000523, while the higher long-term indicator at $0.00000555 underlines persistent weakness.
All price recoveries since October have failed to overcome these barriers. After peaking near $0.00000620 in September, SHIB has seen continuous declines, with minimal volatility in recent trading sessions.
Support is found at $0.00000476, a level where sellers have previously lost momentum. If this line breaks, the token could slide toward $0.00000450 and $0.00000430, corresponding to lows from earlier in the year.
Trading activity has reached one of its weakest points in the past year, with RSI at 40—showing underlying softness but not extreme oversold conditions. For any reversal, SHIB needs a close above $0.00000520 with increasing volume. An additional push past $0.00000555 would be required for a lasting trend shift.
Unless Shiba Inu holds above $0.00000476, a deeper decline into previous summer lows could follow as interest remains subdued.
Traders are closely monitoring the $0.00000476 level as the key barrier to prevent further declines.
Chainlink (LINK) key support tested after sharp correction
Chainlink, a decentralized oracle network facilitating real-world data feeds to blockchains, is trading near $11.50 on the daily chart after a strong rally earlier in the year. The coin rose from about $7.00 in July to nearly $15.80 by late September—a gain of more than 100%. Since then, LINK has declined nearly 27% and now sits on a pivotal support region.
The $11.50 mark, corresponding to a key moving average, has so far acted as a floor. Another important support is located at $11.00, serving as the next line of defense. Both indicators continue to point upward, hinting that the broader positive trend is not yet broken.
Immediate resistance lies at $12.20 and $12.65. Recent attempts to rally have been turned back at these zones, with low-volume and small candlestick patterns prevailing—showing a lack of strong conviction from both buyers and sellers.
The current RSI reading of 38 places LINK close to oversold territory and suggests room for a possible rebound. Should the coin lose $11.00, attention will shift to $10.50 and $9.50, which supported price action in prior months. To restore bullish momentum, LINK must reclaim $12.20 and then $12.65, opening the way for a move toward higher targets at $13.50 and $15.00.
Mini dictionary: Chainlink provides decentralized oracle services that allow smart contracts to securely interact with real-world data, including financial market feeds, event outcomes, and other APIs, making decentralized applications more versatile and useful.
| Coin | Peak (2023) | Current price | Key support | Drawdown from peak |
|---|---|---|---|---|
| NEAR | $6.00 | $4.55 | $4.30 | 24% |
| LINK | $15.80 | $11.50 | $11.00 | 27% |
| ETH | $2,800 | $2,330 | $2,320 | 17% |
Ethereum tests long-term support at $2,320
Ethereum trades near $2,330, hovering around one of its most significant long-term moving averages. During the recent session, repeated defenses of the $2,320 level have signaled that buyers are attempting to protect this critical support area.
The asset had advanced from roughly $1,800 in August to almost $2,800 in September before starting its decline. Loss of the $2,360 average leaves the major resistance zone between $2,450 and $2,530 as the next hurdle for any upside move.
Recent sessions have seen weak trading volumes, with neither side showing decisive strength. The RSI stands at 40—suggesting a weakened but not exhausted market. If ETH closes below $2,320, next downside targets are $2,100 and then $1,900, areas where the summer rally originated.
A daily close above $2,360 coupled with increased buying interest would provide the first signal of a potential recovery. Until then, movement around $2,300 will determine Ethereum’s next direction.
