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NEAR Traders are Betting on a Price Breakout – Here are the Reasons Why!
The Near Protocol has been gaining momentum in recent days, with traders betting on a potential price breakout. According to various market indicators and data, there is a growing possibility of a major upswing for NEAR.
Firstly, sentiment across both spot and derivatives markets has shifted from bearish to bullish. Spot traders have started buying again, with over $474,000 worth of NEAR having been purchased in the past 24 hours alone. This surge in buying activity follows a period of intense selling pressure that saw exactly $1 million in NEAR sold off by traders.
Furthermore, the Total Value Locked (TVL) on Near Protocol has seen an additional $11.77 million added to its various protocols. This marks a significant increase from its previous low point and suggests that more users are now pouring funds into the ecosystem.
The data also reveals that sentiment in the futures market has turned positive once again, which could be indicative of a rally. The OI-weighted funding rate has flipped from being negative to positive, signifying that there is an increasing number of traders betting on higher prices for NEAR. Additionally, data shows that $215,000 worth of short contracts were liquidated in the past 24 hours, implying significant buying pressure.
Technical Analysis suggests a potential price move of 53.85% if the asset breaks its current resistance level and continues upward.
Source: https://ambcrypto.com/near-traders-are-betting-on-a-price-breakout-here-are-the-reasons-why/
