In essence, cryptocurrency is an entirely decentralized currency mainly based on a blockchain algorithm. The blockchain network will confirm and verify all new entries into the ledger and any changes. Among the four leading cryptocurrencies, viz. Bitcoin, Ethereum, and Tether also feature NEAR Protocol as a predominant player.
NEAR protocol was priced at $1.08 at the same time last week, experiencing a 1.46% increase in the past week and currently resting at $1.09. In fact, in the previous 24 hours, its price dropped by -2.41%. Although there is now a slight bearish sentiment in the crypto market, the long-term outlook remains optimistic – the NEAR’s price trend will be bullish, and this token may hit $6.18 in 2024.
As of writing this article, the total circulating supply of NEAR Protocol was $976,564 896.20, and the market cap rests at $1,067,111,026.
Let’s delve into our NEAR Protocol technical analysis to see the projections of the NEAR token!
NEAR Protocol (NEAR): An overview
NEAR Protocol is a layer-1 Proof-of-Stake (PoS) blockchain engineered for exceptional speed, security, and scalability. It is a decentralized cloud infrastructure that hosts decentralized applications (dApps). Nightshade, an innovative sharding technology, enables infinite scalability, ensuring efficiency. The Rainbow Bridge and Aurora, a layer-2 solution, facilitate cross-chain interoperability.
The native token, NEAR, serves as the backbone of the NEAR Protocol, covering transaction and data storage fees within the network. As an ERC-20 token with a capped supply of 1 billion, NEAR provides users with versatile utility. Holders can employ NEAR for staking, unlocking rewards, or participating in governance by exercising their voting rights.
NEAR Protocol Journey’s
Before transforming into a platform for blockchain development, NEAR (previously recognized as Near.ai) originated as a Machine Learning (ML) venture. It was inaugurated in 2017 by Illia Polosukhin, a seasoned professional with over a decade of industry expertise, including a three-year tenure at Google, and Alexander Skidanov, a computer scientist with a background at Microsoft and later assuming the role of director of engineering at memSQL.
Here’s how it all started and how it’s been going so far:
- In August 2018, the NEAR Protocol was formed.
- In April 2020, the Mainnet Phase 0: PoA Genesis was rolled out.
- In September 2020, Mainnet Phase 1: Restricted took place.
- In October 2020, Mainnet Phase 3: Community Governed took place.
- In April 2021, the Rainbow Bridge was launched.
- In April 2022, NEAR closed a $500M funding round.
Despite only being launched in 2020, NEAR has achieved a lot quickly. Here are some of NEAR’s critical developments in the last two years:
- In February 2021, NEAR and The Graph partnered to bring Indexing and Querying to the NEAR blockchain.
- In September 2021, Opera, the world’s first browser with Web3 capabilities and a built-in crypto wallet, announced plans to support NEAR Protocol.
- In December 2021, NEAR partnered with Wharton School’s Cypher Accelerator for blockchain growth.
- In December 2021, NEAR partnered with KYVE to bring permanent storage to the ecosystem.
- In December 2021, the NEAR Foundation and WOO Network completed a $5 million token swap to create a strategic partnership between ecosystems.
- In February 2022, Unchain Fund, a new DAO fund, launched on the NEAR ecosystem to help collect crypto donations for citizens caught up in the conflict in Ukraine.
- In February 2022, the NEAR Foundation partnered with Elliptic to enhance on-chain security.
- In March 2022, NEAR and SailGP partnered on a ground-breaking new sports DAO.
- In March 2022, Orange DAO selected NEAR Foundation as the Web3 Startup Partner.
- In November 2022, Binance Custody added the NEAR token and NEP-141 Standard to its infrastructure.
NEAR Price Analysis
Following an upward shift in March 2022, NEAR’s charts experienced a prevailing downtrend. The key resistance and support levels are $3.0 and $0.98, respectively.
NEAR Weekly Chart
In April 2022, a decline from $17.7 to $3.0 unfolded on NEAR’s weekly price chart, initiating a robust bearish momentum. The Relative Strength Index (RSI) indicates the persistence of bearish sentiment due to NEAR being in a downtrend, with the RSI consistently below the neutral 50 mark. Concurrently, the On-Balance-Volume (OBV) demonstrates a consistent selling volume behind the asset since March, further substantiating the prevailing downtrend. At present, the indicators do not display signals of a reversal from this downward trajectory.
This downtrend is also evident on the daily chart, leaving minimal room for bullish activity in the market. Additionally, support levels at $0.61, $0.80, $0.98, and $1.30 were identified below the $1.72 level between October 2020 and January 2021 on the daily timeframe.
Should you consider buying NEAR?
With our NEAR price chart analysis, traders can look to buy NEAR at $3.0. Furthermore, the $1.5 – $2.0 level can be an area where demand can step in. If $3.0 is flipped from resistance to support, bulls might find the momentum necessary for a strong ceiling move.
NEAR’s recent integration with Binance Custody, aiming to help institutional users quickly secure their assets along with other NEP-141 compatible tokens, is an essential development for the token.
NEAR Protocol Price Prediction
In the course of 2021, the NEAR Protocol has experienced various developments. To streamline the most recent NEAR price forecast, we’ve segmented it into short-term and long-term predictions. As of the current writing, NEAR exhibited a trading volume of $44,282,007, noting a decrease of -1.95% over the past 30 days.
In our short-term analysis, the NEAR coin price forecast for December 2023 indicates an anticipated average price of $4.99, with the highest potential reaching $5.34. Looking into the long term, our analysis for April 2024 suggests an average NEAR Protocol price of $5.53, and the most elevated conceivable price for April 2024 stands at $5.92.
NEAR Protocol’s Short Term Price Prediction
| Date | Avg Price | Lowest Price | Highest Price |
|---|---|---|---|
| 5 Oct 2023 | $2.82 | $2.62 | $3.01 |
| 6 Oct 2023 | $2.84 | $2.64 | $3.04 |
| 7 Oct 2023 | $2.92 | $2.71 | $3.12 |
| 8 Oct 2023 | $3.06 | $2.84 | $3.27 |
| 13 Oct 2023 | $3.98 | $3.70 | $4.25 |
| 18 Oct 2023 | $4.43 | $4.12 | $4.74 |
| 28 Oct 2023 | $4.80 | $4.47 | $5.14 |
| November 2023 | $4.89 | $4.55 | $5.23 |
| December 2023 | $4.99 | $4.64 | $5.34 |
NEAR Protocol’s anticipated prices for various dates in the upcoming months are as follows:
5 Oct 2023: Estimated to range between $2.62 and $3.01, with an average price of approximately $2.82.
6 Oct 2023: Predicted to fluctuate between $2.64 and $3.04, with an average price of around $2.84.
7 Oct 2023: Expected to vary between $2.71 and $3.12, with an average price of approximately $2.92.
8 Oct 2023: Anticipated to range from $2.84 to $3.27, with an average price of about $3.06.
13 Oct 2023: Predicted to be $3.70 to $4.25, with an average price of approximately $3.98.
18 Oct 2023: Estimated to fluctuate between $4.12 and $4.74, with an average price of around $4.43.
28 Oct 2023: Expected to vary between $4.47 and $5.14, with an average price of approximately $4.80.
November 2023: Anticipated to range from $4.55 to $5.23, with an average price of about $4.89.
December 2023: Predicted to be in the range of $4.64 to $5.34, with an average price of approximately $4.99.
NEAR Protocol Long-term Price Prediction
The long-term price projection for NEAR Protocol offers insights into NEAR’s future potential. NEAR Protocol was recently observed at $1.10, boasting a market capitalization of $1,071,183,164 and trading volumes amounting to $44,282,007. The prediction for NEAR’s price is derived from a comprehensive analysis encompassing historical price trends, ongoing developments, and the social sentiment prevalent within the community.
| Years | Avg Price | Lowest Price | Highest Price |
|---|---|---|---|
| 2023 | $4.99 | $3.99 | $5.99 |
| 2024 | $5.15 | $4.12 | $6.18 |
| 2025 | $6.69 | $5.35 | $8.03 |
| 2026 | $8.70 | $6.96 | $10.44 |
| 2027 | $11.31 | $9.05 | $13.57 |
| 2028 | $14.70 | $11.76 | $17.64 |
| 2029 | $19.11 | $15.29 | $22.93 |
| 2030 | $24.84 | $19.87 | $29.81 |
| 2031 | $32.29 | $25.83 | $38.75 |
| 2032 | $41.98 | $33.58 | $50.38 |
| 2033 | $54.57 | $43.66 | $65.49 |
| 2034 | $70.95 | $56.76 | $85.14 |
Specifically, NEAR Protocol’s projected prices over the coming years are as follows:
2023: Anticipated to fluctuate between $3.99 and $5.99, with an average price of around $4.99.
2024: Projected to range from $4.12 to $6.18, with an average price of approximately $5.15.
2025: Expected to vary between $5.35 and $8.03, with an average price of around $6.69.
2026: Predicted to be $6.96 to $10.44, with an average price of about $8.70.
2027: Estimated to fluctuate between $9.05 and $13.57, with an average price of approximately $11.31.
2028: Anticipated to range from $11.76 to $17.64, with an average price of around $14.70.
2029: Predicted to be $15.29 to $22.93, with an average price of about $19.11.
2030: Expected to vary between $19.87 and $29.81, with an average price of approximately $24.84.
2031: Estimated to fluctuate between $25.83 and $38.75, with an average price of around $32.29.
2032: Anticipated to range from $33.58 to $50.38, with an average price of about $41.98.
2033: Predicted to be $43.66 to $65.49, with an average price of approximately $54.57.
2034: Expected to vary between $56.76 and $85.14, with an average price of around $70.95.
NEAR Price Prediction: Influencers’ Verdicts
With the high volatility involved, giving a crypto coin price prediction has always posed a challenge, even for the best of experts or the trader community. Some eminent experts have made the following NEAR cryptocurrency price analysis and predictions for facilitating financial decisions by investors.
“Slowly but steadily, $NEAR is growing!”
Wax (waxnear)
“Potential bearish retest here, worth monitoring. My macro target for Near is around $2.”
aQua
FAQs
Does NEAR have a future?
NEAR Protocol is one cryptocurrency that will have a bright future based on our NEAR token price projections. Riding the crypto wave, NEAR will rule the digital kingdom so that it will have a long reign as a means of payment. Based on our predictions, the token is expected to reach a maximum of $13.57 by 2027.
Is NEAR Protocol a good investment?
NEAR Protocol may be a good investment and make your money double. However, it would help if you did your own research before deciding to buy or sell. Please conduct your NEAR Protocol price trends and anticipate its future performance in the cryptocurrency market.
How much will the NEAR Protocol be worth in 2030?
NEAR Protocol’s price may hit a maximum of $29.81 in 2030 and have a minimum price of around $24.84, based on our NEAR crypto price prediction for 2030. The long-term performance of the NEAR Protocol is quite bullish and optimistic.
Will NEAR Protocol go up or down?
The NEAR Protocol will achieve more significant milestones based on our asset forecast. As the market observes a considerable invasion of projects, other cryptocurrencies may take a step back, and the NEAR price will reach the zenith.
