- Near Protocol has released a blockchain operating system for web 3 which will enhance the user experience
- Technical indicators of NEAR are favoring a weak upside trend in price.It has seen a pump of 2.75% in BTC pair
Near Protocol is a blockchain platform which aims to provide developers with a user-friendly and scalable infrastructure for developing dapps. It has a strong throughput and a higher transaction speed which places it ahead of various other projects. Near protocol implements sharding technology which gives it such a high output. Near Protocol uses a proof-of-stake consensus mechanism, which is more energy-efficient than the proof-of-work mechanism used by other cryptocurrency. NEAR token is used as a means of payment for transactions and also for staking and participating in the governance of the network. NEAR focuses on developer experience more by giving them a wide range of tools and resources. Recently Bank Of America released a research paper where they praised NEAR by calling it a new generation blockchain. They have also released a new blockchain OS for Web 3 to enhance their users experience.
NEAR has a market cap of $1.658 Billion making it the 35th largest crypto asset. Volume to market cap ratio of NEAR hints towards a consolidated trend in price,
Is NEAR Heading For Rebound?
NEAR has been observing a downside trend for a long time. It is currently down by more than 90% from its all time high of $20.On the daily chart it is trading near the value of $1.9. It is forming a weak bullish candles which can push the asset price to a new high The upside trend of NEAR can observe a halt near the value of $3.Meanwhile the support of the asset price can be seen near $1.It is currently trading below the 50 and 100 Daily Moving Average. There can be an upcoming negative crossover which can push the asset price down to a new low
RSI of the asset price is near 44 suggesting its presence in the neutral zone.There is a weak downside slope suggesting a bearish trend in price.
Conclusion
NEAR has recently developed a blockchain based web 3 operating system. They have also been praised by Bank Of America for being the next generation blockchain platform. Various analysts are expecting a strong momentum for the future.
Technical Levels
Major Support:$1
Major Resistance:$3
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/03/29/near-protocol-price-prediction-is-near-price-rebounding-for-3/