Convergence

bullish

Divergence

Near price sees fluctuating market trends, indicating volatility with recent metrics on open interest and trading volume declines. After experiencing a notable price recovery over the previous few days, the NEAR price has recently demonstrated significant market corrections.&nbsp;
<h2 id="strong-near-price-trends-down-as-open-interest-declines-strong">Near Price Trends Down as Open Interest Declines</h2>
Recent data from the <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/NEAR/">Coinglass</a> suggests a strong bearish trend, as observed in the latest metrics on trading volume and open interest. The total trading volume for NEAR derivatives has declined by 2.43%, now at $392.75 million.
Open interest, which indicates the total number of outstanding derivative contracts that have not been settled, also dropped by 1.89% to $110.15 million.&nbsp;
<figure id="attachment_211529" aria-describedby="caption-attachment-211529" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-211529" src="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-6.png" alt="Near Price Analysis: Rebound Potential or Downward Spiral?" width="1351" height="309" srcset="https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-6.png 1351w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-6-300x69.png 300w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-6-1224x280.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-6-768x176.png 768w, https://coingape.com/wp-content/uploads/2024/08/Source-Coinglass-6-150x34.png 150w" sizes="(max-width: 1351px) 100vw, 1351px">
 <figcaption id="caption-attachment-211529" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure>
<h2 id="strong-navigating-through-recent-market-volatility-strong">Navigating Through Recent Market Volatility&nbsp;</h2>
Over the past 24 hours, the <a href="https://coingape.com/top-layer-1-crypto-projects/" rel="noopener noreferrer nofollow">layer-one </a>blockchain has experienced significant volatility, with its value swinging between a low of $3.48 and a high of $3.87. The altcoin has been hovering mostly in the lower end of this range after a sharp decline from its peak early in the trading day.
At the time of writing, the <a href="https://coingape.com/price/near-protocol/" rel="noopener noreferrer nofollow">NEAR price</a> hovered at $3.79, reflecting a 1.57% decrease from the previous day. Despite the day’s fluctuations, the price has recovered, suggesting a resilient demand among traders.
Near price is currently showing a significant downward trend. If the market sentiment deteriorates further, it could find a floor around $3.48. If the decline extends, a drop to $3.30 might reflect deeper market pessimism. Moreover, a push from bearish factors could drive the price to $3.20.
<h2 id="strong-could-near-price-rebound-despite-bearish-market-trends-strong">Could NEAR Price Rebound Despite Bearish Market Trends?</h2>
According to <a rel="noopener noreferrer nofollow" href="https://defillama.com/chain/Near/">DeFiLlama</a>, the current data on the Near price highlights a potentially significant influence on the bearish trend observed in the cryptocurrency market. The total value locked (TVL) stands at $182.67 million, often reflecting investor confidence and the scale of activity within a blockchain ecosystem.
The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Relative Strength Index </a>(RSI) sits at 45.44, just under the neutral 50 mark, suggesting a balance between buying and selling pressures. The Moving Average Convergence Divergence (MACD) indicator illustrates a subtle bullish crossover, hinting at potential upward momentum.&nbsp;
The MACD is close to the zero line with a slight positive histogram, suggesting a potential shift towards a bullish crossover if sustained upward momentum occurs.
<figure id="attachment_211528" aria-describedby="caption-attachment-211528" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-211528" src="https://coingape.com/wp-content/uploads/2024/08/NEARUSDT_2024-08-08_12-58-17.png" alt="Near Price Analysis: Rebound Potential or Downward Spiral?" width="1154" height="622" srcset="https://coingape.com/wp-content/uploads/2024/08/NEARUSDT_2024-08-08_12-58-17.png 1154w, https://coingape.com/wp-content/uploads/2024/08/NEARUSDT_2024-08-08_12-58-17-300x162.png 300w, https://coingape.com/wp-content/uploads/2024/08/NEARUSDT_2024-08-08_12-58-17-768x414.png 768w, https://coingape.com/wp-content/uploads/2024/08/NEARUSDT_2024-08-08_12-58-17-150x81.png 150w" sizes="(max-width: 1154px) 100vw, 1154px">
 <figcaption id="caption-attachment-211528" class="wp-caption-text">
 Near Price Chart: Source| <a rel="noopener noreferrer nofollow" href="https://www.tradingview.com/x/5PYUyAYg/">TradingView</a>
 </figcaption>
</figure>
Conversely, a resurgence in positive market vibes could shift the momentum upwards. Near price could challenge the $3.80 resistance soon. This upward move might pave the way for it to approach $3.90. A continued positive trend could even see its value hitting the $4.00 mark in the near term.
The post <a href="https://coingape.com/markets/near-price-analysis-rebound-potential-or-downward-spiral/" rel="noopener noreferrer nofollow">Near Price Analysis: Rebound Potential or Downward Spiral?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Near Price Analysis: Rebound Potential or Downward Spiral?

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