The cryptocurrency market saw a notable rally this week with the NEAR token. noticeable At an impressive price.
NEAR represents an incredible upward trend, but investors and market watchers should exercise caution as cryptocurrency investments are subject to large price fluctuations.
All About The Massive Price Rise Of The NEAR Protocol
NEAR is riding a wave of excitement. According to technical indicators, the cryptocurrency is currently in a bullish trend.
In the past 30 days, the token’s value has surged 60%, from $4.35 to $6.97. During that period, the cryptocurrency’s market capitalization increased from $4.5 billion to $7.56 billion.
With a price surge of 5.70% over the past 7 days, NEAR is outperforming the global cryptocurrency market, which is down -1.10%. The token is trading at $7.17 at press time and is up 2.46% in the last 24 hours. NEAR’s current trading volume is $401,639,918, a 5.60% increase from yesterday, indicating an increase in market activity recently. It currently has a market capitalization of $7.56 billion, making it the 22nd largest cryptocurrency in the cryptocurrency market. CoinMarketCap.
These developments indicate the growing appeal and demand for NEAR tokens in the dynamic cryptocurrency landscape.
Late March, NEAR Protocol it started Supports chain signing, giving users multi-chain access in their NEAR accounts. The service allows developers to create DeFi products that leverage assets from other blockchains without having to link the assets. This product is part of NEAR’s “Chain Abstraction” program, which seeks to improve customer experiences with cryptocurrencies by simplifying the obstacles that exist in multi-chain environments.
NEAR has been surging over the past few months, rising nearly sevenfold since early October. NEAR price rose 65% in the two weeks following the NEAR protocol, reaching $1.59. I saw Last October, $40 million worth of investment came in.
In early March, NEAR nearly doubled its price to trade at $7.00, its highest level since May 2022, following a 20% increase on March 5. This rise comes after Illia Polosukhin, co-founder and CEO of Near Protocol. presentation He plans to attend the Nvidia AI conference, which recently sparked a rise in AI-related token trading.
NEAR’s rise in value reflects broader trends in the cryptocurrency AI market, with tokens like SingularityNET (AGIX), the Graph (GRT), and fetch.ai (FET) all posting gains exceeding 30% this month.
Bitcoin’s Latest resurgence Reaching a new all-time high of $73,000 on March 11 also reinforced the bullish momentum driving NEAR’s surge.
Nearby Protocol Price Prediction
The NEAR token is currently enjoying bullish momentum, but several technical indicators suggest that AI tokens are likely to consolidate.
The coin’s RSI is trending downward at 53.96, indicating that the current trend is losing steam.
The MACD shows two separate lines moving lower and about to converge, indicating a possible slowdown in the trend.
CMF rose from -0.23 to -0.03 but still remains negative, indicating that NEAR’s selling sentiment is less pronounced. This signals a potential shift towards more balanced market conditions.
The above three indicators suggest a near-term downward movement, which indicates that NEAR buyers will not be able to maintain the bullish pressure as sellers will be in control.
Some market observers also expect a short-term bear market. Famous cryptocurrency analyst Bluntz recently posted on Twitter: predicted NEAR will surge its price up to $10 before the 15th.Day Cryptocurrency prices are likely to undergo a correction this month.
Coinpedia check There will be a bit of a bearish scenario as the token will be trading at an average price of $5.28 this year. However, the analyst predicts that long-term sentiment remains bullish and NEAR could hit $14.56 before the end of the year.
Likewise Digitalcoinprice.com expect There is a short-term bearish trend that says the token will trade at a minimum price of $6.41 and reach a high of 15.81 before the end of the year.
NEAR reached its highest price of $20.44 on January 16, 2022. This means it is still unlikely that the cryptocurrency will surpass its all-time high price any time soon.
What is the NEAR Protocol?
Near Protocol is a public blockchain platform. target Build scalable and fast infrastructure for decentralized applications (dApps). An AI company called NEAR.AI developed the NEAR protocol in 2018 and later launched its mainnet in 2020.
- The NEAR blockchain is a user-friendly network that allows developers to easily create and deploy dApps that can compete with centralized apps in cost-effectiveness, scalability, and speed.
- The Near protocol has a native cryptocurrency called the NEAR token. Tokens are used to enable transactions on the network and as rewards for developers and validators.
- Near Protocol is an alternative platform used to develop dApps or issue NFTs.
conclusion
The recent price surge is a positive sign for cryptocurrency investors, suggesting potential resilience and growth in the cryptocurrency market. However, a positive outlook does not reduce the volatility or risk of cryptocurrencies. Investors should do their own research to determine whether cryptocurrencies are suitable for their risk appetite.