- The decrease in supply from the near-protocol supply continues amid declining retail demand:

Outflows from the derivatives of the Near protocol are still ongoing, as evidenced by the drop in open interest in perpetual futures to $390 million on Tuesday, down from nearly $453 million the previous day. Data from CoinGlass indicates a slight increase in open interest to $558 million on June 16, followed by a decline suggesting a decrease in risk appetite.

Near Protocol | Source: CoinGlass
NEAR token is currently trading around $1.99, fluctuating in the middle of its downward channel, facing a slight bearish trend in the short term, as it is below the 50-day exponential moving average at $2.01. The spot price remains above the 100- and 200-day exponential moving averages at $1.82 and $1.79, respectively, indicating a medium-term support base.

However, the negative MACD indicator on the daily chart and the Relative Strength Index (RSI), which is near 45, suggest a slowdown in bullish momentum. Additionally, NEAR Protocol's price is confined below the Parabolic SAR indicator at $2.56.

Daily chart of NEAR/USDT pair
In the bullish scenario, initial resistance is at the 50-day exponential moving average at $2.01. A daily close above this level would reveal the upper boundary of the downward channel near $2.23, before a stronger barrier at the latest Parabolic SAR reading around $2.56. In the bearish scenario, immediate support is observed at the 100-day exponential moving average at $1.82, followed by the 200-day EMA at $1.79. A decisive break below this support set could open the way toward the bottom of the downward channel at $NEAR $1.08.