Altai the Tiger
IGNITION
streamoors
Sword Inu
NEAR Protocol
Injective
Quantus
- NEAR crypto price has outperformed 79% of the top 100 crypto assets in 1 year.
- Near Protocol has had one of the largest number of active addresses over the last 1 month.
A recent X post by @PlanetaVeNEARa shows that Near Protocol has breached the total number of active users in the last 30 days by beating Solana and Polygon. It has further resulted in a total number of active addresses of 16.301M.
In the last month, @NEARProtocol has reclaimed the top spot in the number of users among blockchains, boasting 16.3M addresses, beating out popular chains like #Solana (14.6M) and #Polygon (9.7M)/@Masi_DN/
— Planeta |NEAR DEGEN (@PlanetaVeNEARa) June 24, 2024
#NEARProtocol #blockchain #growth @ilblackdragon $NEAR #SOL pic.twitter.com/dOowTOF8Yo
Despite the surge in the number of active addresses of Near Protocol, a decline in the trading volume of the crypto can be seen. This is followed by a decline of 51% in the trading volume of the crypto in the last 24 hours.
The Near Protocol traded volume value in the last 24 hours is $237.42M. The market presence of Near Protocol further is very strong, followed by a market cap dominance of 0.25%.
Additionally, the crypto market cap value is $5.765B, making it the 17th largest cryptocurrency in the global crypto market.
At press time, the current NEAR crypto market price is down by 73% from its all-time high price of $20.42. The crypto price volatility is further high, resulting in 15.29% as of Coincodex.
Near Protocol supply inflation is also high, resulting in 16.97%, while 100% of the total crypto supply is circulating. The crypto further was released on October 14, 2020, and the crypto sentiment is bullish, as per the analysts.
Blockchain Data Overview Of Near Protocol
The Total Value Locked for the Near Protocol crypto has declined over the last few days, which shows that the amount of the crypto supply deployed in the project has declined.
The total value locked for the Near Protocol crypto is worth $244.83M, while the stablecoin has consistently advanced to certain highs. Moreover, the current value of stablecoins market cap of the crypto is $553.78M.
The total raised amount by the crypto is worth $33.7M, and the crypto revenue has been static over the last few days, resulting in $26.8K.
Why is NEAR Crypto Showing Signs of Weakness?
From a recent swing high of $8.52, the crypto price has lost its value by 40%, which shows strong profit booking in the crypto followed by sellers’ dominance.
The NEAR crypto price has sustained a dynamic trendline for more than 8 months, and the crypto price at press time has declined to the dynamic trendline again.
The overall crypto price structure looks bearish as the price has formed lower highs on the chart. Despite this, the crypto price is sustaining the dynamic trendline, but any breakdown in the price might lead to strong profit booking.
NEAR/USD Chart by TradingView
Although the 50-day and the 200-day EMAs are trading in a golden cross, the NEAR crypto price has declined below the following EMAs and has given closing below the same.
The following behavior of the EMAs shows a bearish outlook in the crypto’s price trend.
The metrics of the MACD indicator are trading in a negative territory followed by a bullish cross, which represents uncertainty in the trading price of the crypto.
The RSI further follows a bearish cycle followed by the RSI trading at a level of 38 at press time. This further shows that the price is a downtrend and might dip to lower levels.
Summary
Despite NEAR crypto outperforming 79% of top assets in the past year and having a significant number of active addresses, it faces uncertainty.
A recent decline in trading volume, bearish technical indicators, and a potential breakdown from key support levels suggest cautious sentiment among investors. Profit booking further adds to this uncertainty.
The NEAR crypton support levels are $0.940 and $2.5, followed by the resistance levels of $6.70 and $8.50.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
