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- Near Protocol shows a bearish trend, with prices down across all timeframes.
- Key price levels indicate possible further declines, targeting $3.833 and $3.494.
- Market sentiment leans towards selling, but recovery signs could signal potential buying opportunities.
Near Protocol is currently exhibiting a bearish outlook, with prices trending down across all timeframes. Over the past month, NEAR has dropped by 6.00%, and weekly figures show a 7.85% decline. In the last 24 hours alone, prices fell by 1.82%.
While a slight recovery might keep NEAR in a consolidation range, a strong upward move looks unlikely. Market sentiment leans heavily towards sellers, dampening hopes for a quick turnaround.
More Downward Pressure for Near Protocol?
Since October 2nd, NEAR has traded between $5.005 and $4.561, moving within a consolidation phase. This pattern usually suggests accumulation, but for NEAR, the opposite seems true—distribution is likely. If sellers push further, two key price levels could be in sight: $3.833 as the first target and $3.494 if bearish forces persist.
Recent data from Coinglass paints a clear picture. Of the $388.22k liquidated, $377.36k came from long positions, and only $10.86k from shorts. This imbalance suggests short sellers dominate, nudging prices lower. Meanwhile, a drop in the Weighted Funding Rate indicates that short positions are paying to hold, further confirming a bearish sentiment.
Can Near Protocol (NEAR) Bounce Back?
NEAR Protocol (NEAR) is trading at $4.61, down 1.58% for the day. The price continues to trade within a descending channel, indicating persistent bearish momentum since April.
— mayhem247ai.wallet (@Mayhem247Ai) October 23, 2024
Despite the ongoing bearish trend, market sentiment hints at a possible rebound, as the above post highlights. The Parabolic SAR, a key tool for traders, has plotted dots below NEAR’s price, which may signal a shift. This pattern suggests that some traders are quietly buying NEAR, betting on a turnaround.
If these signs hold, NEAR might maintain its position within the current range, and even see a breakout if the overall market sentiment brightens. Still, the bearish trend is strong, and a significant shift would be needed for a reversal.
Near Protocol (NEAR) now stands at a crucial point. Sellers keep applying pressure, yet glimpses of recovery provide hope. Traders must watch key levels and signals closely. Any change could reshape NEAR’s short-term outlook.