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NEAR Protocol (NEAR) Up 0.65%: What’s Next?

Jordan Avery by Jordan Avery
March 18, 2024
in NEAR Protocol
Reading Time: 3 mins read
0
NEAR Protocol NEAR cryptocurrency bearish price levels investment potential 2
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NEAR Protocol (NEAR) serves as a decentralized application platform enabling developers to construct and deploy applications on the blockchain. Employing a sharded, proof-of-stake consensus mechanism tackles scalability and usability issues commonly linked with blockchain technology. NEAR Protocol (NEAR) price garners a bearish rating from Investors. The Distributed Software Platform asset rises 0.65% to $7.6 while the broader crypto market increases by 2.17%.

NEAR Bearish Signals

Over the last five days, NEAR Protocol has secured a Bearish rating on the sentiment score. The Sentiment Score assesses NEAR Protocol recent performance over the past five days through volume and price movement. The Sentiment Score offers a quick, short-term glance at the crypto’s recent performance. This can be beneficial for both short-term investors aiming to ride a rally and longer-term investors striving to buy the dip.

Price Levels

NEAR Protocol is presently trading close to its midpoint for the past five days. The Distributed Software Platform asset stands 15.42% off its five-day high and is 16.29% higher than its five-day low of $6.54.

NEAR PROTOCOL-PRICE-Bearish-investment
Coinmarketcap

NEAR price finds itself positioned favorably between support and resistance. With support established around $6.66 and resistance at $8.43, it has some leeway before encountering resistance. NEAR Protocol has experienced low volume trading lately. This indicates that today’s volume trails below its average volume over the past seven days.

Is NEAR Protocol (NEAR) A Good Investment?

Determining whether NEAR Protocol is a sound investment heavily hinges on your investment objectives and risk tolerance. Here’s a brief overview:

Pros:

Scalability – NEAR employs sharding technology to achieve high transaction speeds (potentially over 100,000 per second) and low fees, addressing the limitations of older blockchains like Ethereum.

User-friendliness – It offers a user-friendly experience with human-readable account names, simplifying interactions with the platform compared to complex crypto addresses.

Interoperability – The Rainbow Bridge facilitates seamless asset transfers between NEAR and Ethereum blockchains.

Cons:

Limited Adoption: NEAR boasts a smaller user base than established players, potentially impacting its ecosystem growth.

Newer Technology: NEAR stands as a relatively fresh protocol compared to others, necessitating the demonstration of its long-term viability.

At The End

NEAR Protocol presents an enticing vision for a scalable and user-friendly blockchain platform. Its sharding technology and human-readable accounts tackle critical challenges older blockchains encounter. Nonetheless, exercise caution with any cryptocurrency investment, conducting thorough research to align with your risk tolerance and investment objectives.

Tags: bearishcryptocurrencyInvestment PotentialNEARNEAR Protocolprice levels
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