traded at a Fibonacci extension level, but will the prices see a noticeable bounce? It was unlikely that a trend reversal was in sight, as the bearish sentiment was here to stay. If the $2 area was retested as resistance, it might offer a shorting opportunity for NEAR traders.Source: NEAR/USDT on TradingView
13 November saw the $2 level retested as resistance. In the past few hours, NEAR sank from $2 to reach the 23.6% extension level at $1.817. The 23.6% and 61.8% extension levels might see a positive reaction from the price, even though the bounces could be brief. Any move above $1.98-$2.01 was unlikely because it was a strong zone of resistance. To the south, $1.63 and $1.55 can be targets for bears to take profits at.The price was in decline since 5 November. At that time, the Open Interest stood at $88.4 million at its peak. Since then, the OI has nearly halved to reach $45 million. Alongside the depression in prices, the drop in OI suggested that long positions were getting severely discouraged. In the meantime, short positions were not building up.