The current outlook does not promise a bright short-term future for cryptocurrencies, and the anticipated surprise surge has not occurred. BTC’s recent attempt to rise towards $65,000 was a good opportunity, but the urge of investors waiting in loss to escape with lower losses ruined everything. Moreover, new demand is weak. So, what will happen to NEAR Coin?
NEAR Coin Analysis
The NEAR coin, one of the Sam coins, benefited greatly from SBF before the FTX collapse in November 2022. However, when it was revealed that FTX was robbing its customers, a turbulent period began, and it started to experience much larger losses in bear markets. Sam is forgotten, and now it shows weakness as a victim of the negative BTC price.
Since August 24, the price has been steadily falling, with losses continuing under the descending trend line. This trend line acts as resistance in favor of the bears, paving the way for deeper declines. If the resistance cannot be overcome, this erosion may continue.
It is worth reminding once again that September is historically a month of decline. This turns waiting on the sidelines into a better option for buyers for now. Moreover, with BTC normalizing movements below $58,000, the current state of general market sentiment further feeds historical biases.
NEAR Coin Price Prediction
NEAR‘s Aroon Down Line is above 85%. This indicates that the downtrend continues strongly. It can reach up to 100, signaling a bottom. Despite the risk of further decline after this signal, a reversal is expected. For now, there is still more room for a decline. On-Balance-Volume (OBV) is another indicator confirming seller dominance for NEAR Coin, as with many altcoins.
With the decline at the end of August, the funding rate in futures shows that long positions are being opened. We have seen scenarios where such long accumulations in altcoins were liquidated before a rise. If the size of the positions increases, a test towards $4.47 may begin. In the opposite scenario, we may see a reversal from a new bottom after the liquidation of positions with a 23% drop. BTC finds buyers at $57,900.
