Near price sees fluctuating market trends, indicating volatility with recent metrics on open interest and trading volume declines. After experiencing a notable price recovery over the previous few days, the NEAR price has recently demonstrated significant market corrections. 

Near Price Trends Down as Open Interest Declines

Recent data from the Coinglass suggests a strong bearish trend, as observed in the latest metrics on trading volume and open interest. The total trading volume for NEAR derivatives has declined by 2.43%, now at $392.75 million.

Open interest, which indicates the total number of outstanding derivative contracts that have not been settled, also dropped by 1.89% to $110.15 million. 

Source: Coinglass

Navigating Through Recent Market Volatility 

Over the past 24 hours, the layer-one blockchain has experienced significant volatility, with its value swinging between a low of $3.48 and a high of $3.87. The altcoin has been hovering mostly in the lower end of this range after a sharp decline from its peak early in the trading day.

At the time of writing, the NEAR price hovered at $3.79, reflecting a 1.57% decrease from the previous day. Despite the day’s fluctuations, the price has recovered, suggesting a resilient demand among traders.

Near price is currently showing a significant downward trend. If the market sentiment deteriorates further, it could find a floor around $3.48. If the decline extends, a drop to $3.30 might reflect deeper market pessimism. Moreover, a push from bearish factors could drive the price to $3.20.

Could NEAR Price Rebound Despite Bearish Market Trends?

According to DeFiLlama, the current data on the Near price highlights a potentially significant influence on the bearish trend observed in the cryptocurrency market. The total value locked (TVL) stands at $182.67 million, often reflecting investor confidence and the scale of activity within a blockchain ecosystem.

The Relative Strength Index (RSI) sits at 45.44, just under the neutral 50 mark, suggesting a balance between buying and selling pressures. The Moving Average Convergence Divergence (MACD) indicator illustrates a subtle bullish crossover, hinting at potential upward momentum. 

The MACD is close to the zero line with a slight positive histogram, suggesting a potential shift towards a bullish crossover if sustained upward momentum occurs.

Near Price Chart: Source| TradingView

Conversely, a resurgence in positive market vibes could shift the momentum upwards. Near price could challenge the $3.80 resistance soon. This upward move might pave the way for it to approach $3.90. A continued positive trend could even see its value hitting the $4.00 mark in the near term.

The post Near Price Analysis: Rebound Potential or Downward Spiral? appeared first on CoinGape.

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Filed under: News - @ August 8, 2024 11:15 am