X

Joseph from Denver

Signed up at Crypto Wins Casino 15 minutes ago.

» Try Crypto Wins Casino too
Do not show again

NEAR has weakened more than 30% since April 18, 2023, falling from $2.42 to a low of $1.53. The current price of NEAR stands at $1.55, which is more than 40% off from its 2023 highs that were registered in February.

But where is the price of NEAR going next, and what can we expect from June 2023? Today, Crypto Lists will discuss NEAR price estimates from a technical and fundamental analysis perspective.

Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

Near platform is built to be easy for developers

NEAR protocol is an open-source platform that enables creators, communities, and markets to drive a more open, interconnected, and consumer-empowered world. NEAR eliminates some of the limitations that have been bogging competing blockchains, and it provides the ideal environment for DApps. NEAR is not dependent on other chains, and it is built to be especially easy for developers to use (e.g. by coding in JavaScript). Illia Polosukhin, a co-founder of NEAR, said:

“Developers can spend less time learning a new language and more time building their application in a language they already know. Millions of developers already know how to program in JavaScript; enabling this group to build novel applications on NEAR is a critical step in achieving our vision of a billion users interacting with NEAR.”

Central to NEAR Protocol’s design is the concept of sharding, a process that aims to split the network’s infrastructure into several segments in order for computers, also known as nodes, to only have to handle a fraction of the network’s transactions. The concept of sharding creates a more efficient way to retrieve network data, and it is important to note that many analysts believe in the future of sharding as a way to scale blockchain technology.

NEAR has solved some limitations that the Ethereum network has; it has thirteen times faster block time, seventy times faster finality, and it is more than a thousand times cheaper than Ethereum. NEAR has a vibrant community of builders who understand that a more free and open web is better for developers, users, and the world as a whole.

NEAR Protocol uses a native token called NEAR, which allows users to pay fees for transactions, run applications, and pay for storage. Applications on NEAR must pay storage fees for any data that they store on the network while the network partially “burns” these tokens, or eliminates them from circulation, reducing the circulating supply of NEAR tokens in the process.

Rating: 9.33/10
Supply: 691,277,221 / 1,000,000,000
Release date: August 26, 2020

Description: Buy NEAR to help Ethereum level up!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


U.S. President Joe Biden speaks on the debt ceiling

The beginning of the 2023 year has been very successful for NEAR, but the price of NEAR has remained under pressure since April 18, 2023, and the risk of further decline is still not over. Regional banking fears, tough Fed talk, and rhetoric over the debt ceiling from U.S. politicians will continue to have a major influence on the financial markets in the weeks ahead.

There are currently too much important things that could easily go wrong, and a recommendation is that investors should continue to take a defensive investment approach.

The ongoing debt ceiling negotiations in Washington continue to make investors nervous, but most analysts foresee the bill’s approval, and U.S. President Joe Biden said yesterday that he expects the debt ceiling bill on his desk by next Monday. The House of Representatives is expected to vote in the evening on a bill to lift the $31.4 trillion debt limit, a critical step to avoid a destabilizing default that could come early next week without congressional approval.

It is also important to mention that investors fear that the Federal Reserve might hike interest rates again in June, especially after the Labor Department reported this week that U.S. job openings unexpectedly rose in April, reflecting persistent labor market strength that suggests pressure on wages and inflation.

Weekly claims for jobless benefits in the U.S. increased less than expected (in the week ended May 27), suggesting labor market conditions remained stable, and U.S. Economist Ryan Sweet said that a more sustained loosening of labor market conditions is needed to keep rate hikes permanently off the table.

Technical analysis for NEAR

NEAR has weakened from $2.42 to $1.53 since April 18, 2023, and the current price stands at $1.55. NEAR might have a hard time holding above the $1.50 level in the upcoming days, and a break below this level would indicate that NEAR could probably test the price level at $1.40.

Technical analysis for NEAR

Important support & resistance levels for NEAR

Important support & resistance levels for NEAR

On this chart (the period from February 2023), I marked important support and resistance levels that can help traders to understand where the price could move. NEAR remains under pressure, but if the price advances above the resistance that stands at $1.80, the next target could be resistance at $2.

The important support level is $1.50, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $1.40. If the price drops below $1.20, which represents another strong support level, the next target could be an important psychological support level that stands at $1.

What speaks for the rise in the NEAR price

The overall sentiment on the cryptocurrency market can play a crucial role in NEAR’s price trajectory. If investors regain confidence and the market recovers from recent setbacks, an upside potential could benefit NEAR and other major cryptocurrencies.

According to the rules of technical analysis, NEAR remains in a bear market, but if the price advances above the resistance that stands at $1.80, the next target could be resistance at $2.

What indicates the downfall of NEAR

The beginning of the 2023 year has been very successful for NEAR, but the price of this cryptocurrency has remained under pressure since April 18, 2023. Investors should continue to take a defensive investment approach as the macroeconomic landscape remains uncertain. Economists have warned that a global recession could be on the horizon, and the consensus appears that the price of NEAR could drop below the current price levels.

The price of NEAR is also correlated with the price of Bitcoin, and if the price of Bitcoin drops below the $25000 price level, that would certainly have a negative influence on the price of NEAR.

What do analysts and experts say?

Fundamentals of NEAR are strongly tied to the overall cryptocurrency market, and investors should consider that the effect of the 2022 crypto price crash, U.S. inflation growth, and interest rate hikes haven’t diminished from the market yet. At the same time, the ongoing debt ceiling negotiations in Washington continue to make investors nervous, and there are currently too much important things that could easily go wrong.

Tighter credit conditions for households and businesses are expected to weigh on economic activity, and the famous investor Jeremy Grantham warned that the U.S. stock market could experience significant losses soon. Stocks aren’t the only assets that could significantly lose their value, and investors should keep in mind that cryptocurrencies could also be in the situation to make an even bigger fall.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
Near Coin Newsflash
    Some AI coins and tokens to check outSome AI coins and tokens to check out
    Tuesday, 19 Mar 2024 9:52 am
    The interest and usage for AI is skyrocketing. We've seen some dips the last day, even for AI assets, but how long will it last? Next week, people might look into some AI coins and tokens again, with Near being the biggest in terms of market cap. They are participating in a session called Transforming AI tomorrow, that can be interesting to watch. Among the smaller AI related cryptocurrencies, you can check out The Graph coin with their own blockchain called The Graph. One that's been rising quickly lately is called Fetch AI, and a few where we have reviews include Arb Doge (AIDOGE) for those that like a meme coin twist, there is the AI Code that keeps Arb Doge AI working, there is ChainGPT (CGPT) that our smart friend Ilan launched about a year ago which reached 164 Million USDT market cap, up 182% in one year. Further, you can check out Corgi AI that can be used to unleash creativity on the Cronos network. Other much taked about AI coins include SingularityNet (AGIX), AIOZ Network (AIOZ), Ocean Protocol (OCEAN), Flux, Arkham, PAAL AI and Sleepless AI. Are you invested in any AI coins or do you rather transfer some crypto to top rated BTC casinos, so you can play and try your luck there instead of...
    Read the full newsflash


    How can Near Protocol possibly transform AI?How can Near Protocol possibly transform AI?
    Tuesday, 19 Mar 2024 12:24 am
    The 7 authors of the famous AI paper Attention is all you need are all present on Nvidia's GPU Technology Conference. An session called "Transforming AI" featuring Illia Polosukhin, the co-Founder of NEAR Protocol, will discuss Near Tasks, among other things that could help transform how blockchain and AI is used. To me (Markus), Near tasks doesn't sound very impressive yet. It seems more like a version of Upwork than something related to AI, but let's hope that Near Protocol and Mr Polosukhin surprise us positively. Currently, you cannot even join the waitlist for Near Tasks, but that's probably the entire idea - to create a bit of hype when it's launched. It could create a spike for the Near Coin (NEAR), but it's already gone up quite a bit so it's possible with a retracement for the cryptocurrency as well. Jensen Huang, the founder and CEO of Nvidia will be moderator in the perhaps most important panel of all - Attention is all you need - during this conference. Fiskantes on X (former Twitter) posted a fun picture of "NearVidia" and questioned weather "people decided NEAR is AI coin or just noticed its one of the most used chains under the hood?" No, we don't think that Nvidia and Near will merge (or anything like that), but perhaps they could offer some fast and affordable crypto transactions to Nvidia, or make a deal with some of the other businesses on the conference. Andreessen Horowitz (a16z) that invested in Near Protocol rather early, have plans to launch two AI funds with 6.9 billion USD in capital. At least 50 of their AI investments are present on the conference - so guess what they will try to do. Possibly both trying to transform AI to be more user friendly for Average Joe and create partnerships between their portfolio companies. Markus at Crypto Lists would not be surprised if Near gets lots of extra attention and during the biggest AI conference of the year. Let's see. Keen to use Near for casino deposits? Then check out Betmartini and Bets IO, which are two of rather few...
    Read the full newsflash


    New Loyalty Program With Near BlockchainNew Loyalty Program With Near Blockchain
    Thursday, 1 Dec 2022 6:30 pm
    The Colombian food giant Grupo Nutresa is choosing Near Network for their loyalty program. The goal is to reach at least 1 million users before the end of 2023. The goal with the program is to get all customers in one network and one account, while giving great insights for the Nutresa group


    Hacker steals $3m from NEAR launchpad projectHacker steals $3m from NEAR launchpad project
    Thursday, 3 Nov 2022 2:02 pm
    In concerning news, Skyward Finance - a project on the NEAR blockchain - has been hacked for three million dollars by an anonymous cybercriminal. The team at Skyward explained that the "Skyward Treasury has been drained through a contract exploit." In a single transaction, the fraudster obtained more than 1.1 million wrapped NEAR tokens. Although crypto hacks seem to be on the increase, that's to be expected in an industry on the rise and gaining mainstream traction. Start your crypto journey on MEXC Global here. ...
    Read the full newsflash


    The NEAR ecosystem gets new South Korean Web3 hubThe NEAR ecosystem gets new South Korean Web3 hub
    Thursday, 3 Nov 2022 8:36 am
    Have you heard? The NEAR network is opening a brand new office in the South Korean capital of Seoul. With a focus on helping business move to the decentralized, blockchain-focused Web 3.0, the NEAR Foundation said the regional hub will be dedicated to innovation, business development, education, and talent throughout the country. Korea has one of the most established Web3 ecosystems in Asia and is one of the most active cryptocurrency economies in the world. Have you started your crypto journey yet? Get involved by signing up for Crypto.com here!...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with
 

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
exclusives.
* indicates required
CryptoLists.com
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top