NEAR Price Approaches Critical Support Amid Investor Withdrawals
NEAR price is failing to secure its recent gains, as the altcoin just lost half of its profits from early July.
Worsening this is the increase in investors’ pessimism, which could cause further damage to the altcoin.
NEAR Investors Pull Back
NEAR price could remain sideways bound or note a drop owing to the market’s changing conditions and the investors’ sentiment. The Moving Average Convergence Divergence (MACD) indicator recently noted a bearish crossover, signaling increased selling pressure on NEAR investors.
This technical development suggests that downward momentum may continue in the near term.
Additionally, NEAR’s Open Interest has declined significantly. Over the past week, it has dropped by 20%, falling from $213 million to $170 million.
This decrease in Open Interest is largely attributed to the recent price drop. As the price fell, traders likely closed their positions, leading to a reduction in overall market activity.
Read More: What Is NEAR Protocol (NEAR)?
Overall, these indicators suggest that NEAR is currently facing substantial selling pressure, which could impact its short-term price movements. Investors should remain cautious and closely monitor these developments.
NEAR Price Prediction: Another Drawdown on the Cards
NEAR price trading at $5.63 is holding above the 23.6% Fibonacci Retracement line. This level is known as a bear market support floor, which keeps the altcoin from falling further despite the bearish cues.
However, if the aforementioned conditions intensify, a decline below this line cannot be ruled out. Losing the support of $5.39 could send NEAR falling below $5.00, potentially sliding to $4.39.
Read More: Near Protocol (NEAR) Price Prediction for 2024
But a bounce back is also possible if the support remains intact and the market improves. Once the 38.2% Fib line at $6.08 is flipped into support, a recovery rally could initiate , invalidating the bearish thesis.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
FTX Begins $5B Stablecoin Payout to Creditors
FTX starts distributing $5B in stablecoins to creditors, marking a major step in bankruptcy resolution.FTX Launches Massive Creditor Repayment PlanWhat Creditors Can ExpectA Turning Point in Crypto Legal Recovery

Canary Files for Staked CRO ETF with U.S. SEC
Canary submits S-1 filing to launch a Staked CRO ETF, signaling mainstream interest in Cronos.Canary Takes First Step Toward Staked CRO ETFWhat is Staked CRO and Why It MattersA Boost for Cronos and the Broader Market

Huge Returns Ahead? Nexchain & BlockDAG Lead 2025’s Best Crypto Presales
Nexchain leads 2025 crypto presales with AI-powered scalability, gas fee rewards, and 400K TPS—raising \$3.4M as investors seek real utility.Nexchain: Web3 Infrastructure Powered by AI and Smart IncentivesNexchain’s Momentum Signals Long-Term PotentialBlockDAG Builds Buzz, but Nexchain Pulls AheadWhy Nexchain Tops the List of 2025 Crypto Presales

Fidelity Buys $38.3M in Ethereum Amid Market Buzz
Fidelity invests $38.3 million in Ethereum, signaling growing institutional confidence in ETH.Fidelity Makes Major Ethereum InvestmentInstitutional Confidence in EthereumWhat This Means for the Crypto Market

Trending news
MoreCrypto prices
More








