NEAR · 1H · DOWNTREND

Price peaked around 2.40 in mid-June and has been printing lower highs ever since — the structure is clearly bearish. The most recent leg pushed up toward 2.10 but got rejected hard, and now price is sitting at 1.927, right back at the horizontal dashed level that has acted as a pivot multiple times across this chart. I'm reading this as a failed recovery attempt, and the rejection from 2.10 into current price confirms the downtrend is still intact. I'm not interested in longs here — the structure is damaged and every rally has been sold into.

The 1.80 zone is the key floor I'm watching below. Price wicked down to that level twice and bounced hard both times, which means that's the line that really matters. But with price now fading from the recent swing high and sitting mid-range, the path of least resistance is still lower. I'm not chasing a short mid-range either — I'm waiting for this consolidation between 1.90 and 2.00 to resolve. If price can't reclaim 2.00 and starts printing closes below 1.90, that's my confirmation that the sellers are back in control and the next leg toward 1.80 is on.