+34
NEAR rebounds after the NEAR Intents exploit, but falling Open Interest and trading volume suggest the broader recovery remains fragile.
NEAR Protocol has managed to stage a short-term recovery. This comes after its price action took a big hit during the recent security scare that threatened the confidence of investors.
After the vulnerability issue, NEAR Intent was reported to halt its services from the project. The incident resulted in investors losing $3.8 million worth of funds.
As a result, NEAR experienced some selling pressure due to theAccording to the recent retail activity, retail orders continue to flock to the network. The direct impacts are already being felt on the token’s price action. In other words, the steady climb suggests short-term sentiment has improved following the protocol’s clarification, with retail demand appearing to be doing most of the heavy lifting. Despite the bounce, NEAR’s long-term indicators still spark bearish signals.
The network’s open interest continues to shrink alongside its trading volume, which has yet to return to the levels seen before the exploit announcement. The token’s trading volume has declined by 10% to $1.52 billion over the last 24 hours as of writing. Going hand in hand, its Open Interest shrunk by 9% to $265 million. Such readings indicate that institutional traders and leveraged participants remain cautious despite the improvement in price action.
With the clarification of the protocol, all immediate worries regarding the exploit have been addressed, helping the buyers take control for the time being. Nevertheless, the markets have not yet recovered from the shock. Before the OI and the trading volumes start rising, this rally will have to gain strength by attracting more retail traders. NEAR has recovered after a sharp sell-off triggered by the recent security incident involving NEAR Intents.
The token’s short-term rebound is majorly driven mainly by renewed retail participation, even as OI and trading volume remain subdued in the long runAMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.
Please follow us on Google to support usCanada Latest News, Canada Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Bulgarian soccer club president Iliyan Filipov shot dead near his home in PlovdivIliyan Filipov, 53, president of Botev Plovdiv and a prominent transport company owner, was shot dead early Wednesday near his home in Bulgaria's second-largest city. Police have launched an investigation but have not revealed a motive or named any suspects.
Read more »
2 stabbings early Thursday near Rideau, Dalhousie streetsOttawa paramedics say two people were stabbed in what's being described for now as two separate incidents near the west end of Rideau Street around 3 a.m.
Read more »
Gold Trades Near Session Lows as U.S. Manufacturing PMI Falls Short of ExpectationsSpot gold prices remained near overnight lows after the Institute for Supply Management reported a slight decline in the U.S. Manufacturing PMI to 54.5 in September, missing market forecasts of 55, despite the sector remaining in expansion territory.
Read more »
NEAR crypto drops 9% after $3.8M Intents exploit—is the rally at risk?NEAR Intents patched a cross-chain infrastructure flaw after reporting a $3.8 million loss, while NEAR’s price retreated from its recent high.
Read more »