Near Protocol [NEAR] The price of the euro has continued to recover over the last 24 hours. It was up 11.67% at the time of press to $2.08, after traders resumed trading following an extended period where they had been heavily selling.
Trading volume increased by 25.41 % to 625 millions dollars per day. This suggested to buyers that they were not depending on a lack of liquidity for price increases.
Fresh capital was able to drive the growth. It also emerged after NEAR Briefly traded around the $1.85 area, where previously buyers stepped aggressively in. In response, the market felt more confident around the psychologically-defined $2.00 mark.
But traders continued to face overhead resistance that limited attempts at extending the recovery towards higher price zones.
Why is Binance trading still bullish?
Even though recent volatility has caused some market volatility, the sentiment is still positive.
Binance’s Long/Short ratio for the Top Traders at time of publication showed 62.51% remained long while only 37.39% remained on short. Positioning produced a long/short ratio of 1.67, which highlights the continued confidence from larger participants.
Data suggests that traders experienced in bullish positions did not abandon their exposure to the market during recent correction. They appeared to be anticipating additional gains after NEAR had reclaimed $2.00. The current position reflects a persistent optimistic outlook rather than excessive optimism.
As a result, traders continue to favor higher prices, as the ratio has remained high throughout the most recent phase of recovery.
NEAR tests resistance while RSI rebounds
After the technical improvements, there was a significant improvement in structural quality. NEAR The $1.857 level was defended and the recovery towards the $2.207 zone of resistance began. Daily chart shows that the buyers have regained their control following a recent sharp drop in price which erased any gains gained from double top formations near $2.80.
Since then the price has slowly recovered, and now sits above the psychological 2.00 dollar threshold. RSI reflected the improving condition. The indicator dropped to a level near 40 during the initial decline, before rising back up to 51.01 by the time of press. The RSI remained well below the moving average (61.46) but no longer indicated oversold condition.
The latest series of lower lows also suggests a strengthening in demand. If buyers were to break decisively above $2.207 the recovery structure could remain in place and support an even broader rise.
Clusters of liquid gather in the sky
The data on the liquidation of assets revealed that leverage was increasing above current market prices.
Binance’s liquidation heatmap showed one of the biggest liquidity clusters, between $2.13 to $2.15 (directly above NEAR’s current trading range). Forced liquidations increase the order flow in these areas, which is why markets gravitate towards them.
This cluster could be a magnet for short-term action in the market. Outside of that zone, several small liquidity pockets stretched towards $2.18 or $2.20. These positions may become more vulnerable as buyers continue to push upward.
However, traders will likely be watching to see if NEAR can absorb the profit-taking around these levels prior to targeting higher resistance zones.
Can NEAR reach $2.80 next?
NEAR is already back in the spotlight and has restored bullishness among Binance’s most prominent traders. RSI is now back in oversold territory. Liquidation clusters are still above the current price.
If buyers break the $2.20 zone of resistance, the price will probably target higher liquidity levels. It could even challenge the main $2.80 barrier area. NEAR will remain in its current range of recovery if it fails to break through nearby resistance.
Summary
- NEARLY reclaimed 2.00 dollars as trader and volume confidence improved.
- NEAR could be influenced by heavy liquidity over the price to move towards $2.20.
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Source: ambcrypto.com
