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NEAR took a nasty 3.94% hit today, and it's dragging the altcoin crowd down with it.
What's going on? First off, the technicals aren't looking pretty. NEAR got shut down hard at the $1.74 pivot point—couldn't break through. The RSI's sitting at a weak 40.3, basically screaming that momentum's drying up. Not exactly the setup bulls want to see.
Then there's the bigger picture. Bitcoin's hogging 58.63% of the total market dominance right now, which means money's flowing OUT of alts and INTO BTC. Classic risk-off rotation. When BTC flexes, alts bleed—tale as old as time.
Oh, and let's not forget: some exchanges hit pause after NEAR's recent network upgrade. Upgrades usually bring short-term chaos, and traders hate uncertainty. That definitely didn't help sentiment.
Right now, all eyes are on the $1.70 support level. If that cracks, things could get uglier fast.