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.
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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.
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.
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.
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