NEAR Protocol slides to $1.89 as open interest decline deepens bearish case

NEAR traded at $1.89 as of 03:24 UTC on July 11, pinned below all short-term moving averages with declining open interest.

Open interest on NEAR perpetual contracts has declined as traders reduce positions, reflecting waning conviction in the token's near-term outlook, according to Coinglass data. The drop in open interest suggests capital is flowing out of NEAR markets rather than being deployed into new positions, a pattern typically associated with bearish consolidation.

The $1.80 level represents the next key support, with analysts projecting a potential drop to $1 if that level breaks within the next 48 hours. The token's position below its short-term moving averages confirms the bearish technical setup, with no near-term resistance levels providing a ceiling for any recovery attempt. NEAR has been unable to reclaim any of its major moving averages, indicating sellers have maintained control throughout recent trading sessions. The weakness in NEAR mirrors a broader pullback across Layer-1 tokens, with Bitcoin dominance holding near multi-month highs.

A break below $1.80 could trigger cascading liquidations across NEAR perpetual markets, accelerating losses toward the $1 psychological level. The flatlining momentum and capital outflow suggest reduced conviction among traders, raising the risk of a deeper correction for the Near Protocol ecosystem. For bulls, a reclaim of the $2.00 level would be the first sign of a potential trend reversal, though no catalyst for such a move has emerged in the current market environment.

This article is for informational purposes only and does not constitute investment advice.