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NEAR PRICE VOLATILITY: CAN IT REBOUND AFTER BEARISH TRENDS?
#MarketDownturn #NEAR #NearProtocol
NEAR price has shown considerable fluctuation, indicating potential volatility in the market. Recent data suggests a bearish trend in derivatives trading and overall market activity. After a brief recovery, NEAR has faced significant corrections, reflecting a challenging market environment.
Decline in Trading Volume and Open Interest
According to Coinglass, NEAR’s trading volume for derivatives has decreased by 2.43%, now standing at $392.75 million. Open interest, representing the total number of unsettled derivative contracts, also fell by 1.89% to $110.15 million. These declines suggest a bearish sentiment among traders.
Navigating NEAR's Market Fluctuations
Over the past 24 hours, NEAR has experienced notable volatility, with its price ranging from $3.48 to $3.87. After peaking early in the trading day, the price dipped but has since hovered around $3.79, marking a 1.57% decrease from the previous day. Despite these fluctuations, the recovery indicates strong demand among traders.
If market sentiment worsens, NEAR’s price could find support around $3.48. A further decline might push it to $3.30, or even $3.20, signaling deeper market pessimism.
Potential for NEAR Price Rebound
Despite the bearish trends, there are signs that NEAR could rebound. DeFiLlama data shows that the total value locked (TVL) in NEAR’s ecosystem is $182.67 million, reflecting investor confidence. The Relative Strength Index (RSI) is at 45.44, just below the neutral 50 mark, indicating a balance between buying and selling pressures.
The Moving Average Convergence Divergence (MACD) indicator shows a subtle bullish crossover, suggesting a possible upward shift. If positive momentum continues, NEAR could challenge the $3.80 resistance and potentially reach $3.90. A sustained positive trend might even push the price to $4.00.
