Near Protocol (NEAR) Token Sees 9.6% Surge in Open Interest, Market Cap Dominance Rises to 0.21%

A surge of 9.6% in the Near Protocol token's open interest was recorded during the last 24 hours. The derivatives volume of the token further traded flat

The Near Protocol token open interest surged by 9.6% in the last 24 hours, while its derivatives volume traded flat, witnessing a slight increase of 0.6%.

The token had an outstanding market presence with a market cap dominance of 0.21%. Its liquidity was medium at 6.0% of its market cap.

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The traded volume value for the crypto had also advanced by 2.87% in the last 24 hours. It further resulted in a traded value of $269.611M.

With the advance in the trading volume, the crypto’s market cap increased by 8.5% in the past 24 hours. It led to a market cap value of $4.530B, indicating investors and traders were buying the token.

The Near Protocol crypto price volatility was high at 15.56%, showing the probability of uncertain spikes in the token’s price. The fear and greed index was at 48, indicating neutral sentiment among investors.

The supply inflation of the Near Protocol was very high at 14.66%. Its circulating supply was 1.109B NEAR, and the total supply was 1.204B NEAR.

Furthermore, the fully diluted market cap of the token was $4.928B. It was slightly higher than the spot market cap.

What Do Derivatives Indicate About Near Protocol Token?

The Near Protocol liquidation chart showed sellers’ dominance over the last few weeks.

On 5th August, The NEAR token witnessed a huge long liquidation of $2.43M. In the last 24 hours, a long liquidation of $185.43K was recorded, as per CoinGlass. Against this, the recorded short liquidation for the token was worth $393.69K.

That data showed bears’ dominance and strong profit booking over the last few days.

NEAR Crypto Technical Analysis

The NEAR token price followed a dynamic trendline and sustained above the same for more than seven months. Despite this, in recent days, the token price has lost support for the trendline and declined below it.

Following the price decline, the NEAR token price formed a lower low swing on the chart. Also, a crucial support level has been breached, and the token price continued declining to lower levels.

This behavior showed that the NEAR token price might continue to decline to lower levels in the upcoming days.

NEAR Token Technical Indicator Analysis

The 50-day and the 200-day EMAs formed a fresh death crossover on the daily chart. It was followed by a consistent decline in the token price over time. Also, the NEAR token price traded below the EMAs at the time of writing.

The MACD indicator gave a strong sell signal on the daily chart as its metrics traded in the negative trajectory. Also, the MACD and the signal line had formed a death crossover on the chart.

The RSI followed a bearish cycle and traded at a level of 36.9. It also overlapped the 14-day SMA. It exhibited weakness in the token’s price.

The support levels for the NEAR token were $0.950 and $2.50, followed by the resistance levels of $6.50 and $8.50.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.