NEAR Protocol’s cryptocurrency experienced notable volatility over the past day. The price fluctuated between $3.48 and $3.87, before retreating from its peak. At present, NEAR is trading at $3.79, marking a 1.57% decline compared to the previous day.
Are Market Trends Worrying Investors?
Recent data from Coinglass reveals a decline in both the total trading volume and open interest in NEAR derivatives. Trading volume fell by 2.43% to $392.75 million, while open positions decreased by 1.89% to $110.15 million. This indicates a cautious market approach, raising concerns about potential further decreases.
The observable downtrend in NEAR’s price suggests that if market sentiment continues to deteriorate, the price might find support at $3.48. However, further declines could push the price down to $3.30 or even $3.20.
What Do TVL and RSI Data Indicate?
According to DeFiLlama, NEAR’s total value locked (TVL) stands at $182.67 million, reflecting investor confidence and activity within the ecosystem. The Relative Strength Index (RSI) is at 45.44, indicating balanced buying and selling pressures.
The Moving Average Convergence Divergence (MACD) indicator shows a slight bullish crossover, with a mildly positive histogram hinting at potential upward momentum. The MACD is near the zero line, suggesting that this positive momentum might be sustained.
Key Inferences for Investors
Key Takeaways:
- A decline in trading volume and open interest suggests cautious market behavior.
- Support levels to watch are $3.48, with further declines possibly hitting $3.30 or $3.20.
- TVL data indicates current investor confidence in the NEAR ecosystem.
- RSI and MACD indicators suggest a balanced and potentially upward momentum.
Is an Upward Movement Possible for NEAR?
Should the market recover, NEAR could challenge the $3.80 resistance level, potentially rising to around $3.90. A continued positive trend may push NEAR’s value to $4.00 in the short term.
Predicting future market movements remains difficult due to NEAR’s price fluctuations and downtrends. Monitoring current data is crucial, as recovery depends on the performance of Bitcoin and Ethereum. Rapid increases in these cryptocurrencies could elevate NEAR coin to new levels.