Zooming NEAR: Solid 75% Growth Sparks Crypto Frenzy

Christian Encila

1 year ago

3 mins read

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Cryptocurrency analysts are abuzz with chatter surrounding NEAR Protocol (NEAR) as the token experiences a meteoric rise in value. The past month has been nothing short of phenomenal for NEAR, with its price leaping by an impressive 130%.

Will NEAR Hit $8?

This surge, which translates to an impressive $7.91 per token at the time of writing, has not gone unnoticed, igniting a firestorm of interest and speculation within the investment community. But is this a genuine upswing or simply a fleeting fad?

Source: CoinMarketCap

Breaking A Downtrend Or Chasing A Fad?

While some analysts, like the prominent Rekt Capital, view this surge as a potential reversal of a multi-year downtrend, others urge caution. The cryptocurrency market, after all, is notorious for its wild fluctuations. A token’s price can reach dizzying heights only to come crashing down just as quickly.

$NEAR

Finally – Near Protocol has revisited its multi-year Macro Downtrend

Now #NEAR will try to break this to further build on its current bullish momentum

Breaking this Macro Downtrend would likely see price revisit the old All Time High resistance area

#BTC #NEARprotocol… https://t.co/VmcLjkWFPn pic.twitter.com/wboVljOJsc

— Rekt Capital (@rektcapital) March 11, 2024

Forecast: Bullish With A Side Of Caution

Analysts have forecasted a bullish trend for NEAR in the immediate future. Their prediction suggests a 10% increase, placing the price at around $7.48 by March 13, 2024.

This projected increase comes with a market capitalization of $7.65 billion and a notable 24-hour trading volume of $2.2 billion. However, forecasts, as some experts point out, should be viewed with a critical eye. The market is an intricate web of factors, and unforeseen events can easily derail even the most meticulously crafted predictions.

Bitcoin is now trading at $73.319. Chart: TradingView

Technical Indicators, Market Sentiment

Technical indicators, while offering valuable insights, should not be the sole basis for investment decisions. The Fear and Greed Index, currently hovering at an “extreme greed” of 82 for NEAR, paints a picture of a market potentially fueled by euphoria rather than sound judgment.

Investors piling in solely based on such sentiment, with NEAR having already surged 8.06% in the last 24 hours, might be setting themselves up for disappointment if a correction were to occur.

Beyond The Hype: Examining NEAR’s Potential

However, dismissing NEAR’s potential entirely would be unwise. To understand this, we need to examine thoroughly. NEAR Protocol is a blockchain platform designed to address scalability issues that have plagued older blockchain technologies like Ethereum.

NEAR boasts features like sharding, a method for distributing processing power across a network of computers, to facilitate faster transaction speeds and lower fees.

This focus on scalability has attracted the attention of developers seeking to build decentralized applications (dApps) on a platform that can handle high volumes of traffic. Several promising dApps are already being built on NEAR, including DeFi (decentralized finance) protocols and NFT (non-fungible token) marketplaces.

A thriving ecosystem of dApps could be a key driver of long-term growth for NEAR. Crypto experts, drawing insights from the price fluctuations observed at the onset of 2023, have formulated an average projected NEAR rate of $10.06 for March 2024.

While this average is a benchmark, fluctuations within the market suggest potential variations, with the minimum expected price hovering around $9.8 and the maximum reaching $10.2. Considering these forecasts, investors may be enticed by the potential return on investment (ROI) of 35%, indicative of the promising growth prospects for Near Protocol in the coming months.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.