Will NEAR Price Hit $10 Soon?

• Bullish NEAR Protocol (NEAR) price prediction ranges from $1.800 to $11.52
• Analysis suggests that the NEAR price might reach above $11.52 soon. 
• The NEAR bearish market price prediction for 2023 is $1.789.

What Is NEAR Protocol?

NEAR Protocol is a layer-one blockchain that was designed and developed as a community-run cloud computing platform to eliminate some of the limitations that have been bogging competing blockchains, such as low transaction speeds, low throughput, and poor interoperability.

A platform that is conducive to both developers and end users may be established in this way, making it suitable for decentralized applications (dApps). Unlike Ethereum’s encrypted wallet addresses, NEAR account names are understandable by humans. NEAR also features an original consensus process called “Doomslug” and innovative approaches to scalability issues. 

The NEAR Collective is a community of developers, users, and enthusiasts working to improve the NEAR Protocol by fixing bugs in the core code and expanding the platform. 

NEAR Protocol was founded by Erik Trautman. Nightshade is a technology developed by NEAR that drastically increases the speed of business transactions. Nightshade is a variant of sharding that increases the blockchain’s throughput by having several groups of validators process transactions in parallel across different sharded chains.

Human-readable addresses and the ability to create decentralized applications with a registration flow comparable to what users are accustomed to are two ways in which the NEAR 

Protocol simplifies the otherwise cumbersome onboarding process of other blockchains. In addition, it offers developers modular components, which expedite the launch of projects like token contracts and NFTs.

The NEAR Foundation is a non-profit based in Switzerland that is responsible for the protocol’s governance, as well as its upkeep, ecosystem funding, and leadership. The protocol has also created an intermediary between Ethereum and NEAR, enabling the exchange of ERC-20 tokens between the two networks.

Use cases for the NEAR token include costs associated with handling financial transactions and maintaining a database, operating network validator nodes by staking NEAR tokens, and voting on a policy that controls the distribution of network resources.

NEAR Protocol Market Overview

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NEAR Protocol Current Market Status

With 755,775,027 NEAR in circulation, NEAR Protocol trades at $2.20 at the time of writing. NEAR has a 24-hour trading volume of $122,675,345, and during the previous 24 hours, the price of NEAR decreased by 05.68%.

At the moment, the most popular exchanges that trade NEAR Protocol (NEAR) are Binance, Kucoin, Coinbase, Kraken, and Bitfinex.

NEAR Protocol Price Analysis 2023

Currently, NEAR ranks 35th on CoinMarketCap’s top list of cryptocurrencies in terms of market capitalization. Will NEAR Protocol’s most recent improvements, additions, and modifications help its price rise? Let’s focus on the charts in this article’s NEAR price forecast first.

NEAR Protocol Price Analysis – Keltner Channel

The Keltner channel is a technical indicator introduced by American grain trader, Chester W. Keltner to gauge the volatility of the market. For this purpose, it has three bands; the Upper band, Middle band (EMA), and lower band. 

The upper band is calculated by adding twice the Average True Range (ATR) to the EMA (middle band), while the lower band is calculated by subtracting twice the ATR from the EMA. Moreover, the Keltner bands could also be used to determine the direction of the price movement.

The chart above shows two red rectangles that denote the expansion and contraction of the Keltner channels. When the bands widen it means that there is going to be more volatility. Or in other words, the prices could drastically drop or increase. When the bands squeeze, there could be less volatility. This is because the range of fluctuation would be restricted and the prices will be constrained to move sideways. 

Additionally, when the price of a cryptocurrency continuously touches the upper or lower band and thereafter touches the opposite band, (which is, if a cryptocurrency continuously touches the upper band and finally touches the lower band, then we could determine that the bullish trend has faded.) This applies vice-versa as well. This behavior could be seen inside the green rectangle. 

Currently, NEAR is testing the upper band, hence, there could be a trend reversal awaiting NEAR. As such, traders should be vigilant. Moreover, as the Keltner channels are tilted upwards, there is a possibility that the NEAR bulls may have some momentum left in them. If the preceding statement is the case for NEAR, then it would maintain its surge in the future.

NEAR Protocol Price Analysis – Bollinger Bands 

The Bollinger bands are a type of price envelope developed by John Bollinger. It gives a range with an upper and lower limit for the price to fluctuate. The Bollinger bands work on the principle of standard deviation and period (time). The upper band as shown in the chart is calculated by adding two times the standard deviation to the Simple Moving Average while the lower band is calculated by subtracting two times the standard deviation from the Simple Moving Average. 

When this setup is used in a cryptocurrency chart, we could expect the price of the cryptocurrency to abide within the upper and lower bounds of the Bollinger bands 95% of the time. 

The above thesis is derived from an Empirical law also known as the three-sigma rule or the 68-95-99.7 which states that almost all observed data for a normal distribution (normal scattering of data) will fall within three standard deviations. 

As such for a data set that follows a normal distribution, 68% of data will fall within 1 standard deviation of the mean, while 95% of data for the normal distribution will fall within 2 standard deviations of the mean and 99.7% of data will fall within 3 standard deviations of the mean. 

Hence, as the Bollinger bands are calculated using two standard deviations, we could expect NEAR to abide within the Bollinger bands 95% of the time. (i.e whenever the cryptocurrency touched the upper band, the chances of it coming down are 95%.). This concept applies vice-versa as well. 

Moreover, the sections highlighted by red rectangles show how the bands expand and contract. When the bands widen, we could expect more volatility, and when the bands contract, it denotes less volatility. Currently, the bands are expanding, hence, NEAR could go up or crash drastically.  

Furthermore, the NEAR has overlapped the upper Bollinger band and has been in the overbought region. As such, there could be a price correction and the price of NEAR may fall in the future. 

Notably, the Bollinger Band behaves very closely with the Keltner channel. For instance, if you were to use both the Bollinger bands and Keltner channel indicators for a cryptocurrency, you would see that almost most of the time both indicators overlap. However, the only difference between with Bollinger band and the Keltner channel is that the Bollinger bands use Standard Deviation while the Keltner channel uses Average True Range for calculating its bands which are the top and bottom limits.

NEAR Protocol Price Analysis – Relative Strength Index

The Relative Strength Index is an indicator that is used to find out whether the price of a security is overvalued or undervalued. As per its name, RSI indicators help determine how the security is doing at present, relative to its previous price. 

Moreover, it has a signal line which is a Simple Moving Average (SMA) that acts as a yardstick or reference to the RSI line. Hence, whenever the RSI line is above the SMA it is considered bullish and if it’s below the SMA then it is bearish. 

When considering the first green rectangle from the left of the chart below we can see that the RSI line (purple) is above the Signal line (yellow). As such, RUNE is bullish or gaining value as its making higher highs. The second green rectangle shows that the RSI is below the signal. Hence, it is bearish as it is making lower lows.

Currently, the RSI is rebounding on the Signal. Since both the RSI and SMA are tilted upwards we could expect the NEAR prices to increase. 

Moreover, the RSI compares the gains of the securities against the losses it made in the past. This ratio of gains against the losses is then deducted from the 100. 

If the answer is less than 30, then we call that the price of the security is in the oversold region. This means that many are selling the security in the market, and as such the security is undervalued.  Moreover, as per the Supply-demand curve theory, the price is supposed to drop when there is an increase in supply. 

If the answer is more than 70 then the security is overbought as many are buying. Since many want to buy the security the demand increases which intuitively increases the prices.

Additionally, the RSI could be used to determine how strong a trend is. For instance, when a cryptocurrency is bullish or reaching higher highs, then the RSI line also should be making higher highs in unison. Contrastingly, the chart shows how NEAR was making higher highs when the RSI was making lower highs. 

The above sentiment shows that although the cryptocurrency is on a bullish trend it is losing value and hence a trend reversal could be lurking around the corner.

Currently, NEAR is in the overbought region and it is tiling downwards towards the Signal line. If the RSI is supposed to decrease, it may seek the assistance of the Signal to rebound on it, as at other times.

However, the RSI could also give false alarms for breakouts. Although we may expect, the prices to retrace if it goes to the oversold or overbought region, the prices also can stay in the oversold or overbought region for an extended period. As such, traders should be wary of it and let the market saturate before making vital decisions. 

NEAR Protocol Price Analysis – Moving Average

The Exponential Moving averages are quite similar to the simple moving averages (SMA). However, the SMA equally distributes down all values whereas the Exponential Moving Average gives more weightage to the current prices. Since SMA undermines the weightage of the present price, the EMA is used.

The 200-day MA is considered to be the long-term moving average while the 50-day MA is considered the short-term moving average in trading. Based on how these two lines behave, the strength of the cryptocurrency or the trend can be determined on average. 

In particular, when the short-term moving average (50-day MA) approaches the long-term moving average (200-day MA) from below and crosses it, we call it a Golden Cross. Contrastingly, when the short-term moving average crosses the long-term moving average from above then, a death cross occurs. 

Usually, when a Golden Cross occurs, the prices of the cryptocurrency will shoot up drastically, but when there’s a Death Cross, the prices will crash. 

Whenever the price of cryptocurrency is above the 50-day or 200-day MA, or above both we may say that the coin is bullish. Contrastingly, if the token is below the 50-day or 200-day, or below both, then we could call it bearish (Green triangle section).  

When considering the time frame from early 2023 to late February, NEAR was above the 50-day MA. Hence we could say that it was bullish in the short term. However, NEAR is currently recovering after falling below both moving averages. Moreover, the 50-day MA is almost on the verge of crossing the 200-day MA from below. 

If the preceding happens, then NEAR could have a Golden Cross and the prices could surge. Although the Golden Cross doesn’t necessarily bring about a great surge, NEAR has responded with large deviations. Hence, there could be another surge awaiting NEAR.

NEAR Protocol Price Prediction 2023 – 2030 Overview

NEAR Protocol Price Prediction 2023

When considering the chart above we could see that the NEAR has been trying hard to rise up but the bears were too strong for the bulls. As such we could see how NEAR was rejected a few times at Resistance 2 at ≈$6.30 and then it fell below Resistance 1 at ≈ $4.70. 

NEAR has been holden up by Support 1 at ≈ $1.8 since early January 2023. However, lately, NEAR has found some momentum and has taken off of Support 1. We may see it rise to Resistance 2 at ≈ $6.30. Nonetheless, NEAR will be encountered with Resistance 1. If the NEAR bulls are not strong enough then NEAR may rebound and fall back to Support 1. 

Based on NEAR’s past behavior, there is also a possibility that it could surge to Resistance 3 at ≈$11.52. Although it may encounter some consolidation at Resistance 1 and Resistance 2, if the buyers keep on the pressure, then NEAR has the potential to reach Resistance 3.

Nonetheless, NEAR has touched the upper Bollinger band, hence, there could be a trend reversal and NEAR could retrace.

NEAR Protocol Price Prediction – Resistance and Support Levels

The chart above shows how NEAR reciprocates almost the mirror image of fluctuation on the left. The number 1 highlighted sections on both sides of the mirror show almost the same fluctuation. When considering the number 2 highlighted sections on either side of the mirror, we can see that the image on the right side had fewer sideways movements, as the bulls were weakened by the immense bear pressure. As such, the bulls’ efforts were nullified. 

The number 3 highlighted section on either side of the mirror differs with respect to the fact that the right image failed to test Resistance 1 as much as the left side. This too shows that the bears were in control. If this is the cycle of NEAR fluctuation, then we may see another surge– may be a reciprocation of the fluctuating pattern on the left of the mirror.

NEAR Protocol Price Prediction 2024

There will be Bitcoin halving in 2024, and hence we should expect a positive trend in the market due to user sentiments and the quest by investors to accumulate more of the coin. Since the Bitcoin trend affects the direction of trade of other cryptocurrencies, we could expect NEAR to trade at a price not below $17.5001 by the end of 2024.

NEAR Protocol Price Prediction 2025

NEAR may still experience the after-effects of the Bitcoin halving and is expected to trade above its 2024 price. Many trade analysts speculate that BTC halving could create a huge impact on the crypto market. Moreover, similar to many altcoins, NEAR will continue to rise in 2025 forming new resistance levels. It is expected that NEAR would trade beyond the $27.126 level.

NEAR Protocol Price Prediction 2026

It is expected that after a long period of bull run, the bears would come into power and start negatively impacting the cryptocurrencies. During this bearish sentiment, NEAR could tumble into its support regions. During this period of price correction, NEAR could lose momentum and be a little below its 2025 price. As such it could be trading at $23.825 by 2026. 

NEAR Protocol Price Prediction 2027

Naturally, traders expect a bullish market sentiment after the crypto industry was affected negatively by the bears’ claw. Moreover, the build-up to the next Bitcoin halving in 2028 could evoke excitement in traders. As such we could expect NEAR to trade at around $34 by the end of 2027. 

NEAR Protocol Price Prediction 2028

As the crypto community’s hope will be re-ignited looking forward to Bitcoin halving like many altcoins, NEAR will continue to form new higher highs and is expected to move in an upward trajectory. Hence, NEAR would be trading at $44 after experiencing a massive surge by the end of 2028. 

NEAR Protocol Price Prediction 2029

2029 is expected to be another bull run due to the aftermath of the BTC halving. However, traders speculate that the crypto market would gradually become stable by this year. In tandem with the stable market sentiment and the slight price surge expected after the aftermath, NEAR could be trading at $64.91 by the end of 2029.

NEAR Protocol Price Prediction 2030

After witnessing a bullish run in the market, NEAR and many altcoins would show signs of consolidation and might trade sideways and move downwards for some time while experiencing minor spikes. Therefore, by the end of 2030, NEAR could be trading at $46.

NEAR Protocol Price Prediction 2040

The long-term forecast for NEAR indicates that this altcoin could reach a new all-time high(ATH). This would be one of the key moments as HODLERS may expect to sell some of their tokens at the ATH point. 

However, NEAR may face a slight fall before starting its upward journey once again. It is expected that the average price of NEAR could reach $121 by 2040.

NEAR Protocol Price Prediction 2050

The community believes that there will be widespread adoption of cryptocurrencies, which could maintain gradual bullish gains. By the end of 2050, if the bullish momentum is maintained, DOT could surpass the resistance level of $187.

Conclusion

As said above, the price of NEAR may even reach above $11.52 if investors have decided that the cryptocurrency is a good investment, along with mainstream cryptocurrencies.   

FAQ

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. CoinEdition and its affiliates will not be held liable for any direct or indirect damage or loss.

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