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NEAR’s price drop signals potential rebound opportunity

NEAR’s price plummeted by 16.44% last month and 6.57% in the last 24 hours, highlighting a clear bearish trend. This drop aligns with dwindling Daily Active Addresses, decreasing from 4.4 million to 3.9 million, suggesting waning user interest and fueling concerns among investors.

Currently trading at around 5.11 USD, NEAR faces significant bearish pressure. The long-to-short ratio stands at 0.8793, indicating a bearish market sentiment, while Open Interest dropped 6.86%, reaching 237.39 million USD. These factors reflect traders’ lack of confidence in NEAR’s price stability.

Despite current trends, there are indicators of potential recovery. The weakening ADX at 17.85 points to a possible slowing down of the downtrend. Technical patterns suggest NEAR might eventually rebound, possibly surpassing 10 USD, provided market conditions improve in the coming weeks.

This is community-generated content, not advice from ONUS.
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