NEAR Protocol is a layer-1 blockchain that is developer-friendly, scalable, and fast. Its original token is NEAR, which is used to stake for network security and to pay network fees. Near Protocol also supports decentralized applications and is climate-neutral.
NEAR Protocol on the CoinMarketCap website shared details of its upcoming event, Nearcon 2023. It is an event that aims to educate and inspire the attendees about the Near Protocol, a layer-1 blockchain that provides speed, scalability, and developer-friendliness.
The event will take place in Lisbon, Portugal from November 7th to 10th and will consist of four days of high-quality talks, workshops, networking, and fun. The attendees can view the agenda, speakers, sponsors, and partners, and learn more about the Near Protocol and its ecosystem.
NEAR Protocol (NEAR)’s open interest is $48.00 Million, as per Coinglass, which is a crypto analysis website. It rose by 1.21% in the previous session. The long versus short ratio for 24 hours is 0.8769. The total number of short positions added in the last 24 hours is $5,922.832 against longs of $450,717.335.
Moreover, NEAR crypto plummeted 2.93% in market value but surged 61.77% in trading volume in the last 24 hours, as per Coinmarketcap, which is a crypto data and information website. Its market value is $1,025,828,212 and its trading volume is $42,921,807. There are 978,890,134 NEAR in circulation.
NEAR Protocol (NEAR) has a maximum market cap of $1,049,437,299, which is the fully diluted valuation (FDV) of the cryptocurrency. This is based on the assumption that all 1 Billion NEAR tokens are circulating in the market today.
However, the actual number of NEAR tokens in circulation may be lower, depending on how the NEAR tokens are emitted over time. Therefore, it may take several years before the FDV is achieved.
NEAR Coin Price Technical Analysis in the 1-Day Timeframe
NEAR protocol has shown a poor price performance this month. The NEAR coin decreased by 9.51% in the last 7 days, going from $1.21 on October 3rd to $1.10 on October 10th. This is part of a longer downward trend that has seen the NEAR coin lose 52.84% of its value in the last 6 months, going from $2.33 on April 10th to $1.10 on October 10th.
Moreover, the year-to-date return of the NEAR coin is negative with a 16.37% decline, going from $1.32 on January 1st to $1.10 on October 10th. These numbers suggest that the NEAR coin failed to maintain its momentum and attract enough demand in the crypto market despite the potential of the NEAR Protocol and its ecosystem. Additionally, the price is following a bearish pattern of lower lows and highs while facing resistance from the trendline.
Therefore, the NEAR price could continue to move downwards and form new support at $0.9 and $0.8, if it fails to maintain the current level.
However, if the NEAR price sustains the current level and rises above the previous swing high, then it might hit and reclaim previous resistance levels of $1.2 and $1.3.
At the time of publishing, NEAR Protocol (NEAR) is trading below the 20 and 50-day EMAs (exponential moving averages).
The MACD line at 0.018 and the signal line at 0.014 are below the zero line. Both lines crossed each other displaying a bearish crossover in the MACD oscillator, where the histogram width is lean and narrow, showing NEAR price consolidation or bearish trend continuation.
The current value of the RSI is 38.20 points and the 14-day SMA is below the median line at 45.37 points.
Conclusion
NEAR price highlights the neutral to bearish sentiments and perspectives of investors and traders regarding the NEAR Protocol in the daily timeframe. The technical parameters of the NEAR price suggest the continuation of the bearishness over the daily time frame chart. Moreover, NEAR price action highlights a bearish to consolidation view at the time of publishing.
Technical Levels
- Support Levels: $0.9 and $0.8
- Resistance Levels: $1.2 and $1.3
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/10/10/near-protocol-price-will-near-price-stop-declining-go-upward/