The recent drop in NEAR’s price, a closely watched project in the cryptocurrency world, has worried its investors. NEAR’s profitability, which was seen at the beginning of July, has halved, causing concern, and it has not been able to maintain its recent gains. Additionally, the pessimistic sentiment among investors is thought to potentially harm NEAR.
NEAR Comments
NEAR’s price may remain flat or decline due to changing market conditions and investor sentiment. The Moving Average Convergence Divergence (MACD) indicator recently recorded a bearish trend, indicating increased selling pressure on NEAR investors.
This technical development suggests that the downward momentum may continue in the near term.
Additionally, NEAR’s Open Interest has significantly decreased. It dropped by 20% last week, from $213 million to $170 million.
This decline in Open Interest is largely attributed to the recent price drop. As the price fell, traders likely closed their positions, leading to a decrease in overall market activity.
Overall, these indicators show that NEAR is currently facing significant selling pressure that could affect its short-term price movements. Investors should be cautious and closely monitor these developments.
How Much Will NEAR Be Worth?
NEAR’s price was seen at $5.34 at the time of writing, indicating a drop below the 23.6% Fibonacci retracement level. Considering that the daily close has not yet occurred, NEAR could return to the mentioned level. Despite the decline in NEAR, this price level was noted as a significant level between the altcoin‘s further decline.
On the other hand, if the price fails to rise above the mentioned level, things could worsen. A price movement below the support level at $5.39 could cause NEAR to fall below $5.00 and potentially decline to $4.39.
However, if this support in NEAR remains strong, things could change. In a scenario where market conditions turn fully positive, a price reversal could occur. If the 38.2% Fib line at $6.08 can be confirmed as a support level, the bearish thesis could be invalidated, and a recovery in price could begin.
Nevertheless, as mentioned, it is important to remember that NEAR needs to reclaim the mentioned support level before the daily close.
