NEAR’s price sinks but here’s why traders could see this as an opportunity
The post NEAR’s price sinks but here’s why traders could see this as an opportunity appeared on BitcoinEthereumNews.com. NEAR’s price action continues sliding but demand could resume as it enters the oversold zone. Near Protocol’s strong organic growth could offer a safety net in the long term. NEAR traders must be punching the air because of its bearish price action which has turned out to be a blessing for short traders. This was because the cryptocurrency continues to seek more downside. Read Near Protocol’s [NEAR] price prediction 2023-24 Let’s take a look at just how far NEAR has fallen. Not only did it give up the gains achieved in January 2023, but NEAR also extended its downside to a new 2023 low. One unit of NEAR costed $1 at the time of writing. The last time that it traded at that price level was in December 2020. Source: TradingView NEAR’s extended downside may dampen investor sentiment but the glass-half-full perspective suggested something else. The cryptocurrency’s latest sell pressure pushed into oversold conditions which means the sentiment may be about to shift. In addition, we see some price- Relative Strength Index (RSI) divergence which may suggest that a pivot might be around the corner. Understanding NEAR’s current state of demand Despite the opportunity for a rally, on-chain metrics suggested that investors were still a bit shy about diving back in. This was evident by the Weighted Sentiment which was still close to its monthly low despite the heavily discounted price action. Source: Santiment Similarly, On-chain Volume showed a lack of excitement as the market struggled to secure a bullish footing. The good news was that the derivatives segment already showed signs of bullish demand resurgence. This was evident in the Binance and DYDX funding rates which reverted back to the positive side in the last two days. Source: Santiment Before you get too excited, it is worth noting that…
The post NEAR’s price sinks but here’s why traders could see this as an opportunity appeared on BitcoinEthereumNews.com.
NEAR’s price action continues sliding but demand could resume as it enters the oversold zone. Near Protocol’s strong organic growth could offer a safety net in the long term. NEAR traders must be punching the air because of its bearish price action which has turned out to be a blessing for short traders. This was because the cryptocurrency continues to seek more downside. Read Near Protocol’s [NEAR] price prediction 2023-24 Let’s take a look at just how far NEAR has fallen. Not only did it give up the gains achieved in January 2023, but NEAR also extended its downside to a new 2023 low. One unit of NEAR costed $1 at the time of writing. The last time that it traded at that price level was in December 2020. Source: TradingView NEAR’s extended downside may dampen investor sentiment but the glass-half-full perspective suggested something else. The cryptocurrency’s latest sell pressure pushed into oversold conditions which means the sentiment may be about to shift. In addition, we see some price- Relative Strength Index (RSI) divergence which may suggest that a pivot might be around the corner. Understanding NEAR’s current state of demand Despite the opportunity for a rally, on-chain metrics suggested that investors were still a bit shy about diving back in. This was evident by the Weighted Sentiment which was still close to its monthly low despite the heavily discounted price action. Source: Santiment Similarly, On-chain Volume showed a lack of excitement as the market struggled to secure a bullish footing. The good news was that the derivatives segment already showed signs of bullish demand resurgence. This was evident in the Binance and DYDX funding rates which reverted back to the positive side in the last two days. Source: Santiment Before you get too excited, it is worth noting that…
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