NEAR Price Estimate August 2024 – Rise or Fall?

NEAR has been in a negative mood since July 20, 2024, falling from $6.44 to a low of $3.99. The current price of NEAR stands at $5.12, and traders should keep in mind that a risk of further decline still persists.

According to the latest data, NEAR’s Open Interest has declined significantly, and over the past week, it has dropped by 20%, falling from $213 million to $170 million. At the same time, some crypto analysts are concerned that should Bitcoin fall again below $60,000, it could trigger a larger sell-off, potentially making it challenging for NEAR to maintain its current price levels.

Predicting the exact direction of NEAR in August 2024 is challenging due to its volatile nature but general market sentiment, influenced by news, events, and social media trends, will impact price. Positive sentiment could drive prices up, while negative sentiment could cause them to fall. So where is the price of NEAR going next, and what can we expect from August 2024?

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.

Developer-friendly platform

NEAR 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 the 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: Discover NEAR and be part of the cryptocurrency revolution.

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.

›› Read Near Coin review›› Buy or Sell NEAR here

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A risk of further decline still persists

The beginning of July 2024 has been very successful for NEAR, but the price of NEAR has remained under pressure since July 20, 2024, and the risk of further decline is still not over. There has been a significant decline in whale transactions for NEAR over the last several days and a decline in large trades might be interpreted as waning confidence among large investors.

This situation could negatively affect market sentiment and potentially lead to further declines in NEAR’s price as other investors follow suit. At the same time, the recent price drop has led many futures traders, who had bet on a price rally, to witness liquidations. It is important to mention that liquidations occur in an asset’s derivatives market when the asset’s value moves against the position held by a trader.

When liquidation happens, the trader’s position is forcefully closed due to insufficient funds to maintain it. According to Coinglass’ data, in the past seven days, the amount of NEAR long liquidations has totaled approximately $2.31 million. Forecasting NEAR’s exact trajectory in the coming weeks is difficult due to its volatility. However, its price will be influenced by general market sentiment, which is shaped by news, events, and social media trends.

Technical analysis for NEAR

NEAR has weakened from $6.44 to $3.99 since July 20, 2024, and the current price stands at $5.09. NEAR might have a hard time holding above the $5 level in the upcoming days, and a break below this level would indicate that NEAR could probably test again the price level at $4.

Important support & resistance levels for NEAR

On this chart (the period from January 2024), I marked important support and resistance levels that can help traders understand where the price could move. NEAR remains under pressure, but if the price advances above the resistance that stands at $6, the next target could be resistance at $7. The current support level is $5, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $4.50. If the price drops below $4.50, the next target could be an important psychological support level that stands at $4.

What speaks for the rise in the price of NEAR

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. Analysts and traders often closely watch the activity of crypto whales because the behavior of crypto whales can influence market sentiment and an increase in the number of big transactions for NEAR is something that could drive the price higher. When a whale makes a substantial buy, it can be seen as a bullish sign, potentially attracting more buyers. For the bulls to take again control of price movement, a move above $6 would be beneficial.

What indicates the downfall of NEAR

The beginning of July has been very successful for NEAR, but the price of this cryptocurrency has remained under pressure since July 20, 2024. It is important to mention that there has been a significant drop in large transactions for NEAR in the last several days, suggesting reduced interest from major investors. This protocol also operates in a competitive space with other projects offering similar services and new innovations or competitive advancements can impact NEAR’s market position.

What do analysts and experts say?

NEAR has been in a negative mood since July 20 and loss of interest from investors and traders suggests that NEAR’s prices may continue to remain low. A recent price drop has led many futures traders, who had bet on a price rally, to witness liquidations and according to Coinglass’ data, in the past seven days, the amount of NEAR long liquidations has totaled approximately $2.31 million. Crypto analysts agree that it is hard to predict the exact direction of NEAR in August 2024 but they also warned that should Bitcoin fall again below $60,000, it could trigger a larger sell-off, potentially making it challenging for NEAR to maintain its current price levels.

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.