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

Near Price Trends Down as Open Interest Declines

Recent data from the Coinglass suggests a strong bearish trend, as seen 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.

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 mainly seen in the lower half of this range after a sharp decline from its peak earlier in the trading session.

At the time of writing, the NEAR price is at $3.79, showing a 1.57% decrease over the past 24 hours. However, the price has recovered from a low of $3.48 during the day, indicating some resilience in demand from traders.

Near price is currently facing a strong downward trendline. If the market sentiment worsens, it could find a floor around $3.48. If the decline continues, a drop to $3.30 could indicate deeper market pessimism. Bearish factors might push the price down to $3.20.

Can NEAR Price Rebound Despite Bearish Market Trends?

According to DeFiLlama, the latest data on the Near price could be significantly influenced by the bearish trend observed in the cryptocurrency market. The total value locked (TVL) stands at $182.67 million, which often indicates investor confidence and the level of activity within a blockchain ecosystem.

The Relative Strength Index (RSI) is at 45.44, just below the neutral 50 level, indicating a balance between buying and selling pressures. The Moving Average Convergence Divergence (MACD) indicator shows a slight bullish crossover, suggesting potential upward momentum.

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