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NEAR price experienced significant fluctuations in the last 24 hours. The price ranged between $3.48 and $3.87, with a sudden drop from the day’s peak. At the time of writing, NEAR’s price is at $3.79, indicating a 1.57% decrease from the previous day.
Open Interest and Trading Volume Decrease
According to Coinglass data, the total trading volume in NEAR derivative transactions decreased by 2.43% to $392.75 million. Open positions fell by 1.89% to $110.15 million. These declines suggest a cautious approach in the market, raising questions about further drops.
Accordingly, a noticeable downtrend is observed in NEAR’s price. If market sentiment worsens, the price may find support at $3.48. However, if the decline continues, it could potentially fall to $3.30 or even $3.20.
What Do TVL and RSI Data Indicate?
According to DeFiLlama data, NEAR’s total value locked (TVL) is at $182.67 million. This data reflects investor confidence and the scale of 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 signals a slight bullish crossover, and the slightly positive histogram could indicate potential upward momentum. MACD is positioned near the zero line, suggesting that upward momentum might be sustained.
Is an Upward Movement Possible for NEAR?
If the market recovers positively, NEAR’s price could challenge the $3.80 resistance level. This movement could lead the price to approach $3.90. A continued positive trend could raise NEAR’s value to $4.00 in the short term.
Although predicting future market movements is challenging due to NEAR’s price fluctuations and downtrends, current data should be closely monitored. Recovery and a new increase depend on the recovery of Bitcoin and subsequently Ethereum, as rapid rises in these two cryptocurrencies could open the door for NEAR coin to reach new levels.
