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- 1 NEAR protocol has seen a slight decline in transactions in the past 14 days.
- 2 NEAR is trading near its major support level but can observe a bounce back soon.
- 3 Near token is down by 4.5% in the ETH pair.
NEAR Protocol is a layer 1 blockchain designed to offer developers a user-friendly platform. It is a community-run cloud computing platform that eliminates various limitations of other blockchains. It has a very high throughput, making it more suitable for developing the dapps.
NEAR uses human-readable account names, unlike other cryptocurrencies. The protocol uses Nightshade technology which is a variation of sharding to increase the throughput. It provides streamlined services to its users, which makes it easier to use. Near Protocol was founded by Erik who is an entrepreneur with an experience from wall street.
The average block time for the network is around 1.11 seconds and has 207 validator nodes. It has a gas price of 0.0001 Near which is very less compared to others. The TVL of NEAR has seen a decline of over 80% in the past 1 year, as per defi lama. It can observe a rise in the near future.
Near Protocol has a market cap of $1.6 Billion and is ranked 37th in the CMC. The protocol’s social engagements have declined in the past few weeks. Meanwhile, the Volume of the asset price has seen a drop of 21% in the past 24 hours.
Will NEAR Cross The $2.5 Threshold?
Source – TradingView
The weekly technical chart of NEAR suggests a struggle between the bulls and bears. It has been moving in a consolidated zone on the daily chart. The daily chart is trading near the value of $1.82, with a small drop in the intraday session.
The upside trend of NEAR can see a halt near the value of $2.5.Meanwhile, the downside momentum of the asset price can observe a halt near $1.5. It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future, which can push the asset price to a new low.
MACD of the NEAR highlights a consolidated trend in price. The bars of histograms are also favouring a downside momentum in price.
Summary
NEAR TVL has seen a decline of more than 70% in the past few weeks. NEAR price is currently consolidating but can move to a new high in the future.
Technical Levels
Major Support:$1.5
Major Resistance:$2.5
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
