Altcoins like NEAR have experienced a similar slump in value as the major cryptocurrencies during the previous several days.<\/p>\n
Cryptocurrency price index Coingecko\u00a0reports<\/a> that NEAR\u2019s price is currently bearish, reflecting the general market sentiment. At the time of writing, the token was trading at $1.8515, below the key psychological $2 zone.<\/p>\n Major investors\u2019 loss of faith in cryptocurrencies following the FTX<\/a> debacle has contributed to the current gloomy sentiment on the cryptocurrency market.<\/p>\n Because of this, other markets where traders with FTX positions also suffered catastrophic losses.<\/p>\n Recent research indicates NEAR has a neutral outlook, suggesting the token\u2019s futures interest is bullish. However, the token\u2019s bearish break below $2 may be indicative of more market weakness.<\/p>\n Although past performance is not a guarantee of future results, it does influence traders\u2019 and investors\u2019 perceptions of an asset\u2019s value. NEAR is experiencing exactly this, as the market structure is extremely negative at the moment.<\/p>\n The coin\u2019s RSI readings are also not encouraging. After a moment of hesitation, it reversed its neutral stance. Since October 31st, the Chaikin money flow indicator has likewise been consistently showing a downward trend, falling below the neutral band.<\/p>\n It has been made much worse by recent occurrences in the cryptospace.<\/p>\n As of this writing, the indicator is -0.23, suggesting that bears are now in charge of the market. Bollinger bands indicate a huge increase in volatility that could result in a bullish near future, despite the current bearishness.<\/p>\n This marginally positive near-term outlook is further backed by the 20-day triple EMA, which has recently flipped from resistance to support.<\/p>\n Nonetheless, the 50-day triple EMA continues to function as price barrier. This discrepancy in timelines can be seen as a short-term advantage for NEAR. A $2 bearish breach is seen to increase market\u2019s suffering.<\/p>\n The previously mentioned analysis<\/a> may prove accurate. On the NEAR futures market, short-term investors and traders can utilize the positive OI (Open Interest).<\/p>\n However, long-term traders will face a difficult choice: sell now and realize their losses, or hold and hope for a possible bull run.<\/p>\n The first scenario is more probable than the second. As the currency loses its $2 psychological support, the confidence of investors and traders will decrease. This is already evident in NEAR\u2019s RSI data.<\/p>\n If conditions continue to deteriorate daily, NEAR might fall to $1.5575. A level that has not been witnessed in almost a year.<\/p>\n\n NEAR total market cap at $1.5 billion on the daily chart | Featured image from Telegaon, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Altcoins like NEAR have experienced a similar slump in value as the major cryptocurrencies during the previous several days.<\/p>\n Cryptocurrency price index Coingecko\u00a0reports<\/a> that NEAR\u2019s price is currently bearish, reflecting the general market sentiment. At the time of writing, the token was trading at $1.8515, below the key psychological $2 zone.<\/p>\n Major investors\u2019 loss of faith in cryptocurrencies following the FTX<\/a> debacle has contributed to the current gloomy sentiment on the cryptocurrency market.<\/p>\n Because of this, other markets where traders with FTX positions also suffered catastrophic losses.<\/p>\n Recent research indicates NEAR has a neutral outlook, suggesting the token\u2019s futures interest is bullish. However, the token\u2019s bearish break below $2 may be indicative of more market weakness.<\/p>\n Although past performance is not a guarantee of future results, it does influence traders\u2019 and investors\u2019 perceptions of an asset\u2019s value. NEAR is experiencing exactly this, as the market structure is extremely negative at the moment.<\/p>\n The coin\u2019s RSI readings are also not encouraging. After a moment of hesitation, it reversed its neutral stance. Since October 31st, the Chaikin money flow indicator has likewise been consistently showing a downward trend, falling below the neutral band.<\/p>\n It has been made much worse by recent occurrences in the cryptospace.<\/p>\n As of this writing, the indicator is -0.23, suggesting that bears are now in charge of the market. Bollinger bands indicate a huge increase in volatility that could result in a bullish near future, despite the current bearishness.<\/p>\n This marginally positive near-term outlook is further backed by the 20-day triple EMA, which has recently flipped from resistance to support.<\/p>\n Nonetheless, the 50-day triple EMA continues to function as price barrier. This discrepancy in timelines can be seen as a short-term advantage for NEAR. A $2 bearish breach is seen to increase market\u2019s suffering.<\/p>\nNegative Mood For NEAR<\/strong><\/h2>\n
Short-Term Advantage Likely<\/strong><\/h2>\n
Negative Mood For NEAR<\/strong><\/h2>\n
Short-Term Advantage Likely<\/strong><\/h2>\n