NEAR Struggles: Is There Hope Amidst the Bearish Signals?

• $NEAR’s price dropped 25%, facing strong bearish pressure.
• Bullish triangle pattern suggests potential recovery if support holds.
• Key indicators point to a possible fall to $2.45.

$NEAR has been struggling, and recent numbers show a troubling decline. Over the past month, the altcoin dropped 25%. In the last 24 hours alone, $NEAR lost another 2.8%. While a few bullish patterns suggest a possible rebound, heavy selling pressure remains. Can $NEAR’s positive signals withstand the wave of sellers?

A Glimmer of Hope in $NEAR’s Bullish Triangle

On the daily chart, $NEAR’s price formed a classic bullish triangle, which often hints at an upcoming rally. This pattern shows a strong horizontal support line and a diagonal resistance line. To see a recovery, $NEAR needs to hold the support level at $3.520.

Testing this level could spark a bounce, aiming for two possible price targets: $5.606 in the short term and $8.520 if the rally gains momentum. Yet, if bearish momentum wins out, $NEAR risks falling to the January 2024 low of $2.450.

Bearish Signals Dominate: Liquidations and Open Interest Data

$NEAR faces rising sell pressure, as shown by recent liquidation data. Currently, long liquidations outweigh short liquidations by over $1 million, signaling a strong bearish bias. This imbalance suggests that many traders see more losses ahead.

Adding to this negative outlook, $NEAR’s Open Interest, which measures interest in active futures contracts, has dropped by 1.65% to $185.65 million. Such a decline highlights low market confidence in the altcoin. Key technical indicators further underscore this bearish trend.

The Relative Strength Index sits at 30.69, hovering near the 30-point threshold that signals extreme overselling. If the RSI dips below 30, it could trigger more selling. Likewise, $NEAR’s Parabolic SAR shows dotted markers positioned above the price candles—another bearish indicator that reflects mounting pressure.

The path ahead for $NEAR appears challenging. While hints of a rally exist, the overwhelming signals suggest more downside. With sell pressure, bearish metrics, and technical indicators all pointing lower, $NEAR might soon approach the $2.450 level—its lowest price in 2024. At this point, regaining bullish momentum will require a decisive shift in market sentiment.