NEAR Protocol Price Drops Amid Waning Retail Demand
NEAR Protocol's price has been on a decline for the third consecutive day, dropping by more than 10% over the last three days. The bearish momentum is evident in derivatives data, which shows a decrease in Open Interest and funding rates.
The retail demand for NEAR has waned, with CoinGlass data indicating that futures Open Interest (OI) dropped 4% to $356.69 million over the past 24 hours. This decline in notional value of active contracts suggests a potential positional wipeout among traders.
The funding rate has also decreased to 0.0042%, down from 0.0099% the previous day, indicating that bullish sentiment is easing among traders. The Relative Strength Index (RSI) near 31 signals weak momentum and proximity to oversold territory, further reinforcing a downside tilt for NEAR.
The technical outlook for NEAR remains bearish, with increasing downside momentum and potential for a 15% drop. The 23.6% Fibonacci retracement at $1.3941 forms the first notable support, while the 200-day EMA at $1.8024 and 50-day EMA at $1.9050 act as resistance.