- 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?
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.
The post NEAR Struggles Amid Bullish Momentum, Time to Buy or Sell? appeared first on Crypto News Land.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed