The current outlook does not promise a bright short-term future for cryptocurrencies, and the expected surprise rally did not come. While BTC’s recent attempt to rise towards $65,000 was a good opportunity, investors waiting for losses were tempted to escape with lower losses, which ruined everything. Moreover, new demand is weak. So what will happen to NEAR Coin?

NEAR Coin Comment

NEAR, one of the sam coins, benefited greatly from SBF before FTX crashed in November 2022. However, when it was revealed that FTX was ripping off its customers, the turbulent process began and it began to experience much greater losses in bear markets. Sam was forgotten and now it is showing weakness as a prisoner of the negativity in the BTC price.

Since August 24, the price has been falling steadily, and losses continue below the descending trend line. This trend line acts as resistance in favor of the bears, paving the way for deeper declines. If the resistance is not overcome, this meltdown may continue.

It is worth recalling once again that September has historically been a bearish month. This makes it a better option for buyers to wait on the sidelines for now. Moreover, while BTC has more than normalized movements below $58,000, the current state of the general market sentiment feeds historical biases even more.

NEAR Coin Price Prediction

NEAR’s Aroon Down Line is above 85%. This shows that the downtrend continues strongly. It can reach 100, which gives a bottom signal. After this signal, the risk of further declines continues, but a reversal is expected. For now, there is still more room for decline. On-Balance-Volume (OBV) is another indicator that confirms the seller dominance for NEAR Coin, as it is for many altcoins.

With the decline at the end of August, the funding rate in futures shows that long positions are being opened. We have seen scenarios where such long accumulations were liquidated in altcoins before the rise. If the size of the positions increases, a trial to $4.47 may begin. In the opposite scenario, we may see a return from a new bottom after the liquidation of positions with a 23 percent decrease. BTC finds buyers at $57,900.