NEAR’s Next Move: A Descent into Darkness

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🤔 NEAR‘s Next Move: A Descent into Darkness 🌑

NEAR’s Next Move: A Descent into Darkness
  • NEAR, the beleaguered asset, teetered on the brink of disaster, its chart a canvas of despair.
  • The on-chain metrics, a cacophony of conflicting signals, left the market in a state of utter bewilderment.

Near Protocol [NEAR] has succumbed to the darkness, its price plummeting 3.80% in the past 24 hours, a mere $3.38 in press time valuation.

The bearish movement, a relentless march downward, continued the downward trend NEAR has experienced over the past month, a 36.94% decline that seemed to have no end in sight.

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Analysis, a futile attempt to find solace in the darkness, showed mixed signals across multiple market metrics, a cruel joke played on the hapless traders.

A Desperate Attempt to Reclaim

After trading within a consolidation channel for an extended month-long period, NEAR recently breached the support level of $3.50, a catastrophic event that sent shockwaves throughout the market.

However, the asset attempted to reclaim this support at the time of writing, trading back within the consolidation channel and forming a new high, a fleeting moment of hope in an otherwise desolate landscape.

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Another possibility, a cruel twist of fate, was that this slight price pullback was NEAR forming a lower high before continuing its downward trend, a vicious cycle from which there was no escape.

AMBCrypto analyzed additional factors that could influence the price trend, a Sisyphean task, and found a mixed sentiment in the market, a toxic cocktail of conflicting signals.

A Market in Turmoil

Several market indicators, a litany of despair, suggested mixed sentiment. At the time of writing, the Funding Rate showed that sellers were funding the market, a negative reading of -0.0170 that seemed to confirm the worst fears of the traders.

This was based on the negative Funding Rate, a stark reminder of the sellers’ conviction that NEAR’s price would decline shortly.

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Similarly, there have been more long liquidations in the market across all time frames, a gruesome reminder of the bears’ dominance.

In the past 24 hours alone, a total of $137,140 worth of long contracts was forcefully closed, compared to $24,170 in short liquidations, a staggering disparity that seemed to underscore the bears’ control.

However, the Taker Buy-Sell Ratio, a faint glimmer of hope, indicated that bulls remained active, as buying volume had surpassed selling volume over the past 24 hours.

This ratio, a measure of the market’s sentiment, was measured on a scale where 1 represented a neutral zone, a cruel joke played on the traders.

NEAR’s current Taker Buy-Sell Ratio stood at 1.004, a slight bullish lean that seemed to offer a glimmer of hope in an otherwise desolate landscape.

A Decline in Active Addresses

There has been a significant decline in the number of Daily Active Addresses on the NEAR chain, a stark reminder of the reduced network activity.

A drop in active addresses, especially when the asset’s price is falling, suggested reduced network activity as traders likely exited their positions.

According to Artemis, between February 13 and the latest data at press time, active addresses had dropped by 1.2 million—from 4.2 million to 3.0 million, a staggering decline that seemed to underscore the bears’ control.

This suggested that a notable portion of this decline came from sellers leaving the market, a further indication of the bears’ dominance.

If active addresses continue to decline, it could add more downward pressure on the asset as more sellers enter the market, a vicious cycle from which there was no escape.

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2025-02-16 20:13