NEAR protocol price prediction: Can it rebound?
NEAR Protocol (NEAR) is a layer-1 blockchain that was established as a community-run cloud-computing platform, according to its whitepaper.
A layer-1 blockchain is a series of solutions that enhances the base protocol to transform the network into a more scalable system. The advantage of a layer-1 blockchain is that there is no need to add anything on top of the current blockchain infrastructure.
It offers a suitable environment for decentralised applications (dApps).
After falling victim to 2022’s bear market, the system’s native near coin is currently trading at $1.51 as of 22 November – below its 2020 launch price and a decline of more than 90% from its all-time high of $20.42 last January, according to CoinMarketCap.
NEAR to USD
The launch of near coin
Erik Trautman, founder of Viking Education, set up NEAR in August 2018. The project has a strong team of developers. Among its co-founders are AI researcher Illia Polosukhin and Alexander Skidanov, an ex-Microsoft computer scientist and former director of engineering at memSQL.
NEAR is built by the community, called NEAR Collective, which takes care of the initial code and releases updates. The protocol has also been used as a base for several projects such as Flux and non-fungible token (NFT) minting platform Mintbase. Flux enables developers to establish markets based on assets, commodities and real events.
Near coin price analysis: Will it test new highs?
NEAR/USD price chart, all-time performance
Source: CoinMarketCap
The near coin launched on 14 October 2020 at $1.69 and has since seen mostly positive price action. According to the coin’s price chart, it’s been testing new highs since July 2021. The NEAR crypto price jumped above the $5 mark in August 2021 and above the key $10 psychological barrier the following month.
At the start of 2022, near was thriving. The crypto rocketed to its all-time high of $20.42 on 16 January. After correcting below the $10 level in February, it started surging again in April. It peaked at a high of $19.64 on 8 April.
However, along with the broader market, near took a hit following this year’s crypto crashes. On 18 June its value plummeted below $5 and it stooped to $2.90.
It fell even further throughout the end of October and into November. NEAR eventually stooped below its launch price, dropping to a 52-week low of $1.44 on 21 November.
At the time of writing, on 22 November, NEAR had recovered slightly and was trading at $1.51. But the cryptocurrency was still down 24% over the past week and 47% in the previous month. It currently ranks at number 33 out of all cryptocurrencies with its market capitalisation of $1.25bn.
Recent NEAR news
Near has made headlines in early November after the Binance exchange’s custody solution recently added support for the protocol and its native NEP-141 $NEAR token.
The aim of this partnership was to allow NEAR holders to store their holdings securely, while still benefiting from liquidity opportunities.
Marieke Flament, CEO of the NEAR Foundation, said: “With the Binance partnership, NEAR can welcome to the NEAR ecosystem the many financial institutions that have turned to Binance as their trusted provider for digital assets custody and settlement solutions.”
More recently, Near revealed plans for a funding strategy to harness growth within its ecosystem. To achieve this, the protocol is “looking critically at all of its capital allocation in the last few years”.
It said in a blog post: “This [new funding strategy] means that the Foundation can deploy capital to help promote growth, alongside its efforts to grow awareness of NEAR and onboard a billion users to Web3.”
Near coin technical overview
According to CoinCodex, investor sentiment around the coin at the time of writing (22 November 2022) was bearish, based on 27 indicators signaling “sell” and four bullish signals. The Fear & Greed Index, however, pointed toward “extreme fear”.
CoinCodex estimated the value of near protocol could have dropped by 45% to $0.81 by 22 December.
Taking into account the coin’s key price levels based on previous data, the classical pivot point on 22 November was $1.52, with support levels at $1.47, $1.38, and the strongest at $1.33. The coin’s resistance levels were at $1.60, $1.65, and $1.74.
Near protocol price prediction: Short and long term
In its near token price prediction, algorithm-based price forecasting service Wallet Investor suggested that the token was a “bad” investment, as of 22 November. Its near protocol price prediction for 2023 said it would have dropped to $0.10 in a year.
DigitalCoinPrice provided a more bullish near coin prediction. According to the forecaster, the coin’s price could have increased to $3.84 in 2023 and $5.13 in 2024. Its near protocol price prediction for 2025 said it could have climbed to $6.60 and go on to have achieved $21.62 in 2030.
A similar forecast was provided by Price Prediction. Its near protocol prediction for 2022 said near would have averaged out at $1.84 this year and $5.55 in 2025. Its near protocol price prediction for 2030 gave an optimistic value of $33.55.
When considering a near crypto price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is near protocol a good investment?
Whether or not near protocol is a good investment will depend on several factors, including the company’s deals and collaborations, and product launches. At the time of writing (22 November), near protocol predictions from several algorithm-based platforms, such as DigitalCoinPrice, were bullish. However, Wallet Investor anticipated it to fall to $0.10.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the near coin is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Will near protocol go up or down?
Algorithm-based platforms DigitalCoinPrice and Price Prediction say the token appears “bullish”, suggesting the near cryptocurrency could probably have a future. However, Wallet Investor suggested it was a “bad” investment.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether NEAR is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in near protocol?
Whether you should invest in near is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose, because prices can go down as well as up.
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