NEAR Rebounds on Retail Demand, but Long-term Indicators Remain Cautious
NEAR Protocol has staged a short-term recovery after its price action took a big hit due to a recent security scare that threatened investor confidence.
The security issue, which involved NEAR Intent halting its services and resulting in investors losing $3.8 million worth of funds, triggered a significant drop in NEAR's price action.
However, investor sentiment has shown signs of recovery after NEAR Protocol clarified that the security issue was separate from the protocol itself.
According to CryptoQuant, retail traders have been driving the rebound, with retail orders flocking to the network and directly impacting the token's price action.
Technically, NEAR has posted seven consecutive hours of gains, reclaiming the 20-day and 50-day Exponential Moving Averages (EMAs) in the process.
Despite the bounce, long-term indicators still spark bearish signals, with the network's open interest and trading volume remaining subdued.