NEAR Price Prediction: What’s on the Horizon?

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Published: Jul 29, 2022, 14:24 GMT+00:00

Despite starting the year off strong, NEAR is down nearly 80% from its all-time high price of $20.42

Key Insights:

NEAR has fluctuated between the $3-$5 price level since May this year.
The token currently ranks 25th in the list of cryptocurrencies worldwide by market capitalisation at $3.2 billion.
The daily simple and exponential moving averages are giving mostly buy signals.

NEAR, the token used for transaction fees and as collateral for storing data on the blockchain, has risen over 10% from its July 28 price of $4.1411.

Despite opening this year at the $15 price level and rising to $20.2 by mid-January, the token witnessed a sharp drop during May’s crypto market crash and has since fluctuated between the $3-$5 price level.

NEAR Protocol is a proof-of-stake (PoS) blockchain that was conceptualised as a community-run cloud computing platform. The project hosts decentralised applications (dApps) and uses sharding technology to achieve scalability.

Price Action

NEAR started its journey at $1.1858 on November 14, 2020. The token did not start gaining traction until early last year when it reached $4.6967 on February 12, climbing again to $7.4116 by March 13.

A strong correction followed and the Near Protocol crypto fell to the $3 level by May of that year and then to $1.8859 on June 26.

NEAR 290722 Weekly Price Chart

However, by early September 2021, NEAR was hovering around the $10 price level, reaching $12.34 by November 26. Its price then consolidated, retreating to $7.3449 on December 5.

A major rally occurred shortly thereafter when NEAR spiked 121% to hit $16.27 on December 26 – just 21 days after it was trading in the $7 range. Not long after this, the coin achieved its all-time high (ATH) price of $20.42 on January 16, 2022, before correcting to $8.5691 on February 23.

Another rally to the $17 level took place in April but the crypto market crash saw NEAR plunge back down to $5.8224 on May 23. The token remains nearly 80% below its all-time high price set in January this year.

NEAR is currently trading at $4.23 and ranks 25th in the list of cryptocurrencies worldwide by market capitalisation at $3.2 billion.

NEAR 290722 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on NEAR is neutral, with 14 indicators displaying bullish signals compared to 10 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving mostly buy signals, while the relative strength index (RSI) stands at 56.8.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of a Near Protocol crypto price prediction, NEAR could see its price rising to $4.225 by August 2022, reaching $10.383 in January 2024 and increasing to $14.910 by January 2025.

About the Author

Mohadesa Najumiauthor

Mohadesa Najumi is a British writer who has worked within crypto, forex, financial technology, and the stock market industry. Mohadesa received her MSc in Political Science and International Relations at the University of Amsterdam.