NEAR Protocol (NEAR) Price Soars 60% in Last 30 Days, but Prepares For Consolidation
The crypto market witnessed notable gains this week, with the NEAR token standing out with its impressive prices.
While NEAR indicates remarkable gains, investors and market observers must remain cautious as crypto investments are subject to huge price fluctuations.
All about the price of the NEAR protocol’s massive rise
NEAR has been riding a wave of excitement – technical indicators show that the crypto is currently on a bullish trend.
Over the past 30 days, the token rose its value from $4.35 to $6.97 – a 60% surge. The crypto grew its market cap from $4.50 billion to $7.56 billion during that period.
With a price surge of 5.70% in the past seven days, NEAR is outperforming the global crypto market, which is down -1.10%. The token is trading at $7.17 at press time, up 2.46% in the last 24 hours. NEAR’s trading volume is currently $401,639,918 from yesterday, representing a 5.60% rise and signaling a recent rise in market activity. Its market cap currently stands at $7.56 billion, ranking it the 22nd largest cryptocurrency on Coinmarketcap.
These developments indicate the rising appeal and demand for NEAR tokens in the dynamic crypto landscape.
In late March, the NEAR protocol started supporting chain signatures, providing users with multi-chain access from their NEAR accounts. The offering allows developers to create DeFi products that utilize assets from other blockchains without bridging such assets. The product is part of NEAR’s “chain abstraction” program which seeks to enhance the customer experience in cryptocurrency by simplifying the obstacles that exist in a multi-chain environment.
NEAR has been surging over the past few months, up almost seven-fold since the beginning of last October. The NEAR price rose by 65% in two weeks, reaching $1.59, after the NEAR protocol saw an investment influx worth $40 million last October.
In early March, NEAR almost doubled its price to trade at $7.00, its highest level since May 2022, after increasing by 20% on March 5. The uptick came after Near Protocol co-founder and CEO Illia Polosukhin announced his plans to participate in the recently concluded Nvidia AI conference, which fueled the upward trading of AI-related tokens.
The rise of NEAR's value reflects broader trends in the crypto AI market, with tokens like singularityNET (AGIX), the graph (GRT), and fetch.ai (FET) all recording gains surpassing 30% this month.
Bitcoin's recent resurgence reached a new all-time high of $73,000 on March 11 also boosted the bullish momentum driving NEAR's surge.
Near protocol price forecast
While the NEAR token is currently enjoying its bullish momentum, multiple technical indicators show that the AI token is likely to see a consolidation.
The coin’s RSI is at 53.96, which is moving downwards, indicating that the current trend is losing steam.
The MACD shows that the two separate lines appear to be falling and trying to converge, indicating a potential slowdown in the trend.
The CMF remains negative, though rising from -0.23 to -0.03, a smaller magnitude, suggesting that NEAR is experiencing a less pronounced selling sentiment. This signals a potential shift towards more balanced market conditions.
The above three indicators suggest a short-term downward movement, signaling that NEAR buyers won’t sustain the bullish pressure as sellers will be in control.
Several market observers also anticipate a short-term bear market coming. A renowned crypto analyst, Bluntz, on Twitter, recently predicted that NEAR will surge its price to a high of $10 before the 15th of this month, but later the crypto is likely to see a correction.
Coinpedia confirms that there will be a slight bearish scenario as the token will trade at an average price of $5.28 this year. However, the analyst projects that the long-term sentiment remains bullish, and NEAR could hit $14.56 before the year ends.
Likewise, Digitalcoinprice.com anticipates a bearish trend for the short term, saying that the token will trade at a minimum price of $6.41 and will reach a high of 15.81 before the end of the year.
NEAR reached its highest price of $20.44 on January 16, 2022, meaning that the crypto is still unlikely to surpass its all-time high price any time soon.
What is the NEAR protocol?
Near Protocol is a public blockchain platform that aims to create scalable and rapid infrastructure for dApps (decentralized applications). An AI company called NEAR.AI developed the NEAR protocol in 2018 and later launched its mainnet in 2020.
- NEAR blockchain is a user-friendly network that allows developers to easily create and deploy dApps that can compete with centralized apps in terms of cost-effectiveness, scalability, and speed.
- The Near Protocol has its native cryptocurrency called the NEAR token. The token is used to enable transactions on the network and as a reward for developers and validators.
- Near Protocol is an alternative platform used to develop dApps or issue NFTs.
Conclusion
The recent surge in price is a positive sign for cryptocurrency investors, signaling potential resilience and growth in the crypto market. However, a positive outlook does not make cryptocurrencies any less volatile or risky. Investors must do their own research on whether the crypto is right for their risk appetite.