- Near has posted unusual messages with Morse code in its official X account.
- The price has also dipped by 2.6% in the last 24 hours.
Near Protocol’s X account posted a cryptic Morse code video followed by messages in a gothic font, sparking speculation of a possible hijack.
While some view it as a precursor to significant developments, others suspect foul play. CoinGecko faced a similar issue in January but swiftly recovered control of its compromised account.
The trading volume of the Near Protocol further witnessed a decline of 9.32% in the last 24 hours from the time of writing. Following this, the market cap has also declined resulting in a value of $7.494 Billion.
The derivatives volume for the crypto has also declined by 11.5%. This shows the decline in the trading activity of the crypto which might be due to suspicious social handle activity.
Dispute this the liquidity of the crypto is still very good resulting in a volume/market cap ratio of 5.24%. Also, the NEAR crypto is currently trading 1246% above its all-time low price.
What Does Derivatives Reveal About Near Protocol?
The liquidation on both sides has been almost similar as per Coinglss chart while in recent times few huge spikes in the long liquidation can be seen.
The following higher long liquidations can be a sign of big money booking profit in the crypto. Also, in the last 24 hours the long liquidation recorded for the crypto is much higher than the short liquidation.
The value of the long liquidation for the NEAR crypto is $206K higher than the short liquidation for the crypto. This has resulted in a long/short ratio of 0.9643.
Moreover, the value of the derivatives traded volume of the crypto in the last 24 hours from the press time is $678.41 Million. The open interest further declined by 3.6% which shows that traders are closing their derivatives positions.
What’s Hidden Inside The Technical Chart Of NEAR Crypto?
The NEAR crypto is sustaining above a dynamic trendline while on the higher side, a resistance zone is formed at $8.0.
At press time, the NEAR crypto looks to be locked between two zones and the price is hovering between the following levels.
Breakout from either zone in NEAR crypto might lead the price to the following direction. The most recent candlesticks formed on the chart is facing rejection at the higher levels.
Also, an inverted hammer is formed on the daily chart and the low of the same candlestick is taken down which further shows seller dominance.
NEAR/USD Chart by TradingView on
The price of the NEAR crypto is trading above the crucial EMAs plotted on the chart. Also, the 50-day and the 200-day EMAs are trading in a golden cross.
The Bollinger band on the daily chart further is contracting which shows the volatility in the price of the crypto.
The MACD further has broken above the zero level and both the metrics of the MACD are trading in a bullish crossover.
The RSI has also advanced above the 50-level and the 14-day SMA. This shows an advance in the momentum of the crypto.
As the technicals of the crypto indicate bullishness, one must wait for the price to break on the higher side for the confirmation of bullish momentum.
Summary
Near Protocol’s official X account’s cryptic tweets and change in appearance have sparked suspicion within the crypto community, possibly affecting the price, which dipped 2.6% in 24 hours.
Despite this, Near’s derivatives reveal significant trading activity. Technically, NEAR crypto shows bullish signs with a golden cross and bullish MACD crossover.
NEAR crypto has a resistance level at $8.80 and $10.00 on the higher side but if the price reverses and continues to decline, it might take support at $2.40 and $4.30.
Disclaimer
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.