Correct Answer - Option 3 : wane
The meanings of the given words are as follows:
Recede: (of a quality, feeling, or possibility) gradually diminish/decrease, to move back, to retreat.
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Waver: to sway back and forth;
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Increase: to become larger or greater.
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Wane: a gradual decrease in power, value, intensity.
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Intensify: To act with increasing power or energy.
Clearly, 'wane' and 'recede' are words with similar meanings.
Thus, the correct answer is Option 3.