{"id":597632,"date":"2024-03-13T15:30:51","date_gmt":"2024-03-13T15:30:51","guid":{"rendered":"https:\/\/wncen.com\/?p=597632"},"modified":"2024-06-11T14:41:12","modified_gmt":"2024-06-11T14:41:12","slug":"zooming-near-solid-75-growth-sparks-crypto-frenzy","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/zooming-near-solid-75-growth-sparks-crypto-frenzy\/","title":{"rendered":"Zooming NEAR: Solid 75% Growth Sparks Crypto Frenzy"},"content":{"rendered":"
Cryptocurrency analysts are abuzz with chatter surrounding NEAR Protocol (NEAR) as the token experiences a meteoric rise in value. The past month has been nothing short of phenomenal for NEAR, with its price leaping by an impressive 130%.<\/p>\n
This surge, which translates to an impressive $7.91 per token<\/a> at the time of writing, has not gone unnoticed, igniting a firestorm of interest and speculation within the investment community. But is this a genuine upswing or simply a fleeting fad?<\/p>\n While some analysts, like the prominent Rekt Capital, view this surge as a potential reversal of a multi-year downtrend, others urge caution. The cryptocurrency market, after all, is notorious for its wild fluctuations. A token’s price can reach dizzying heights only to come crashing down just as quickly.<\/p>\n $NEAR<\/a><\/p>\n Finally – Near Protocol has revisited its multi-year Macro Downtrend<\/p>\n Now #NEAR<\/a> will try to break this to further build on its current bullish momentum<\/p>\n Breaking this Macro Downtrend would likely see price revisit the old All Time High resistance area<\/p>\n #BTC<\/a> #NEARprotocol<\/a>\u2026 https:\/\/t.co\/VmcLjkWFPn<\/a> pic.twitter.com\/wboVljOJsc<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) March 11, 2024<\/a><\/p><\/blockquote>\n Analysts have forecasted a bullish trend for NEAR in the immediate future. Their prediction suggests a 10% increase, placing the price at around $7.48 by March 13, 2024.<\/p>\n This projected increase comes with a market capitalization of $7.65 billion and a notable 24-hour trading volume of $2.2 billion. However, forecasts, as some experts point out, should be viewed with a critical eye. The market is an intricate web of factors, and unforeseen events can easily derail even the most meticulously crafted predictions.<\/p>\n <\/p>\n Technical indicators, while offering valuable insights, should not be the sole basis for investment decisions. The Fear and Greed Index, currently hovering at an “extreme greed” of 82 for NEAR, paints a picture of a market potentially fueled by euphoria rather than sound judgment.<\/p>\n Investors piling in solely based on such sentiment, with NEAR having already surged 8.06% in the last 24 hours, might be setting themselves up for disappointment if a correction were to occur.<\/p>\n However, dismissing NEAR’s potential entirely would be unwise. To understand this, we need to examine thoroughly. NEAR Protocol is a blockchain platform designed to address scalability issues that have plagued older blockchain technologies like Ethereum.<\/p>\n NEAR boasts features like sharding, a method for distributing processing power across a network of computers, to facilitate faster transaction speeds and lower fees.<\/p>\nSource: CoinMarketCap<\/pre>\n
Breaking A Downtrend Or Chasing A Fad?<\/strong><\/h2>\n
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Forecast: Bullish With A Side Of Caution<\/strong><\/h2>\n
Bitcoin is now trading at $73.319. Chart: TradingView<\/a><\/pre>\n
Technical Indicators, Market Sentiment<\/strong><\/h3>\n
Beyond The Hype: Examining NEAR’s Potential<\/strong><\/h3>\n