"NEAR Touching the Dangerous Edge of 10 USD!!! Behind the Trader Sell-off"
NEAR has dropped 16.44% in the past month and has further declined 6.57% in the last 24 hours, making it one of the worst-performing tokens in the market. According to on-chain data, the decrease in the number of active addresses and the sell-off pressure in the derivatives market indicate that market interest and confidence are waning, leading to downward pressure on NEAR's price.
However, despite the current pessimistic market sentiment, technical indicators suggest that the bearish momentum is weakening. The ADX index for NEAR is declining, indicating a decrease in trend strength, and the sell-off pressure may soon dissipate. Additionally, NEAR is forming a symmetrical triangle consolidation pattern, which often signals an impending price breakout; if buying interest re-enters, it could bring about a rebound.
The future trend of the market remains uncertain, but if the price continues to hold near the support level, NEAR may be preparing for the next upward wave.
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