- The cryptocurrency market remains strained as BTC price drops continue to reverberate through altcoins, significantly affecting NEAR Coin.
- With pivotal macroeconomic data expected on Thursday and Friday, market volatility is anticipated to increase.
- Key data releases include the US GDP figures tomorrow and PCE inflation data on Friday, which could heavily influence crypto trends.
Dive into the latest market analysis on NEAR Coin as macroeconomic factors loom large, hinting at potential future volatility in the cryptocurrency market.
Current Status of NEAR Protocol
NEAR Coin has been enduring a notable downtrend, with demand dwindling over the recent month leading to a significant value decline. Despite being among the prominent “Sam Coins,” NEAR didn’t see a substantial recovery post-FTX collapse. The increasingly competitive crypto environment is another pressing issue, likely to dominate discussions in the upcoming bull market. Up-to-date statistics reveal around 7.7 million completed transactions on the NEAR Protocol as of June 24. However, there’s been a noticeable drop in daily transactions, primarily due to a reduction in the number of unique active addresses on the network, reflecting troubling on-chain activities for NEAR Coin.
Factors Behind NEAR Coin’s Bleak Projections
A sharp decline of approximately 20% in the number of daily active addresses on the NEAR network since June 14 has led to a 38% plunge in network revenues. With the persistence of BTC price weakness, NEAR Coin may be headed for further downturns. Over the past month, NEAR’s price has slipped 30% to $5.27. The widely-utilized MACD indicator is suggesting a bearish trend, indicating that short-term momentum is lagging behind the long-term trend, hence more declines could be on the horizon.
Guidance for NEAR Coin Stakeholders
- Remain vigilant of the MACD indicator for potential trend reversals, particularly watching for the MACD line to cross above the signal and zero lines.
- Avoid initiating long positions until clear signs of demand recovery are evident to mitigate further financial exposure.
- Stay informed on upcoming macroeconomic data releases this week, as they hold the potential to drive substantial market shifts.
Conclusion
In summary, NEAR Coin is currently under considerable pressure with the potential for its price to drop below $5 amid ongoing market conditions. Should the market climate improve and buying interest return, NEAR Coin could potentially rebound to the $5.45 mark. As always, investors should navigate these turbulent times with due diligence and caution.
