- NEAR’s price dropped 25%, facing strong bearish pressure.
- Bullish triangle pattern suggests potential recovery if support holds.
- Key indicators point to a possible fall to $2.45.
NEAR has been struggling, and recent numbers show a troubling decline. Over the past month, the altcoin dropped 25%. In the last 24 hours alone, NEAR lost another 2.8%. While a few bullish patterns suggest a possible rebound, heavy selling pressure remains. Can NEAR’s positive signals withstand the wave of sellers?
A Glimmer of Hope in NEAR’s Bullish Triangle
On the daily chart, NEAR’s price formed a classic bullish triangle, which often hints at an upcoming rally. This pattern shows a strong horizontal support line and a diagonal resistance line. To see a recovery, NEAR needs to hold the support level at $3.520.
Testing this level could spark a bounce, aiming for two possible price targets: $5.606 in the short term and $8.520 if the rally gains momentum. Yet, if bearish momentum wins out, NEAR risks falling to the January 2024 low of $2.450.
Bearish Signals Dominate: Liquidations and Open Interest Data
NEAR faces rising sell pressure, as shown by recent liquidation data. Currently, long liquidations outweigh short liquidations by over $1 million, signaling a strong bearish bias. This imbalance suggests that many traders see more losses ahead.
Adding to this negative outlook, NEAR’s Open Interest, which measures interest in active futures contracts, has dropped by 1.65% to $185.65 million. Such a decline highlights low market confidence in the altcoin. Key technical indicators further underscore this bearish trend.
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The Relative Strength Index sits at 30.69, hovering near the 30-point threshold that signals extreme overselling. If the RSI dips below 30, it could trigger more selling. Likewise, NEAR’s Parabolic SAR shows dotted markers positioned above the price candles—another bearish indicator that reflects mounting pressure.
The path ahead for NEAR appears challenging. While hints of a rally exist, the overwhelming signals suggest more downside. With sell pressure, bearish metrics, and technical indicators all pointing lower, NEAR might soon approach the $2.450 level—its lowest price in 2024. At this point, regaining bullish momentum will require a decisive shift in market sentiment.
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