Near Protocol (NEAR) Token Price Analysis: Will the Correction Continue?
- WBOYOriginal
- 2024-08-25 03:37:10422browse
The Near Protocol token's Total Value Locked witnessed a decline recently. At press time, it was valued at $226.33M. It also raised a total of $33.7M, as per DefiLlama.
The Near Protocol (NEAR) token has witnessed a decline in its Total Value Locked (TVL) recently. As per DefiLlama, the NEAR token TVL was valued at $226.33M at press time, showcasing a decrease of 0.06% over the last 24 hours. Despite this minor decline, the NEAR token has experienced a notable surge of 305% in its price over the last 1 year.
This engagement of traders in the crypto was evident in the 55% surge in the NEAR token’s traded volume value. However, liquidity in the NEAR token price was observed to be low, as only 5.73% of the token’s market cap was traded, resulting in a traded value of $311.213M.
Out of the Near Protocol’s maximum supply, nearly 97% was circulating in the market.
Near Protocol Derivatives Data Analysis
The open interest in the Near Protocol token advanced by 8.4% within 24 hours of press time. This was followed by a value of $151.65M, indicating an increase in the number of open positions for the token.
A closer examination of the Near Protocol token liquidation chart reveals an advance in the token’s short liquidation. This shift highlighted the dominance of bulls in recent times.
Moreover, the short liquidation value recorded in the last 24 hours was more than double the long liquidated in the token, valuing $844.29K.
The token’s derivatives volume also surged 53% in the last 24 hours, resulting in a traded value of $441.68M.
NEAR Token Technical Analysis
The NEAR token has been displaying a strong uptrend, consistently following a dynamic trendline for over seven months. However, recent market conditions have led to a break in this trend, with the token price falling below the established support level.
As the price declined, NEAR formed a lower low swing, indicating a shift in market sentiment. The breach of a crucial support level further reinforced this bearish trend as the token continued its downward trajectory.
Given this recent price action, it appeared that NEAR may experience further declines in the days ahead. It could possibly reach even lower levels. This shift marked a significant change in the token’s previously bullish momentum.
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