"NEAR hits the dangerous edge of $10!!! Behind the traders' selling"
NEAR has fallen 16.44% in the past month and another 6.57% in the past 24 hours, making it one of the worst performing tokens in the market. According to on-chain data, the decline in the number of active addresses and the selling pressure in the derivatives market indicate that the market's interest and confidence are waning, which has led to downward pressure on NEAR prices.
However, despite the current pessimistic market sentiment, technical indicators suggest that the bearish momentum is weakening. NEAR's ADX index has fallen, indicating that the trend strength has weakened and the selling pressure may be about to subside. In addition, NEAR is forming a symmetrical triangle consolidation pattern, which usually indicates that the price is about to breakout, and if buying re-enters, it may bring a wave of rebound.
The future trend of the market remains unclear, but if the price continues to remain near the support level, NEAR may be ready for the next wave of gains.
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