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NEAR price is currently on key support: buy or sell?

 


The NEAR price has lost momentum in the past few weeks. After surging to an all-time high of $20 in January, it has fallen to around $10, meaning it has lost about half of its value. Its market cap has dropped to around $6.9 billion, making it the 23rd largest cryptocurrency in the world.


What is NEAR?

NEAR is the native cryptocurrency for the Near Protocol. First off, the Near Protocol is a blockchain platform trying to become a viable Ethereum alternative.


The protocol achieves its success through several technologies. For one, unlike Ethereum, it is a proof-of-stake network that uses validators. Ethereum, on the other hand, is a proof-of-work platform that is transitioning to a POS.


Near Protocol also uses a technology known as sharding to improve the speed of its transactions. Sharding is simply a process of dividing blocks into smaller parts known as shards. This makes the speed of verifying transactions much faster.


Sharding is a technology originally used by the developers of Zilliqa. It was then used by the developers of Elrond, another leading blockchain platform. In fact, Ethereum will start using the technology as part of its ETH 2.0 launch.


However, near protocol faces a number of challenges going forward. For one, its industry is now significantly more competitive, with companies like Terra, Avalanche, and Solana taking the lead. This means it has to come a long way to prove its worth.


At the same time, data compiled by DeFi Llama shows that the number of developers using the network is somewhat small. There are now about 20 apps with a total locked value of about $589 million. A closer look also reveals that most of these networks are built with Aurola.


NEAR price prediction



The daily chart shows that the NEAR price has been in a strong downtrend for the past few days. It has managed to fall about 50% from its all-time high.


NEAR has moved below the 25-day and 50-day moving averages. It has also moved slightly above the bottom of the ascending channel.


Therefore, the outlook for NEAR price is bearish for now, with the next key support around $9.50. Movement below the lower side of the channel means there are more sellers in the market.

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