Near Protocol (NEAR) has become one of the most intriguing crypto projects on the market. Other contenders are definitely contesting such as Cardano, Solana, and Terra. Near Protocol can play an incredibly vital role in the future, particularly in the concept of Web 3.0. This post is all about NEAR Protocol price prediction. Can NEAR reach $10 soon? Let’s take a look at it.
What is Near Protocol?
The Near Protocol (NEAR) is a blockchain protocol that is effortless to utilize and scalable. It is a layer 1 blockchain that works as a CO2-neutral. NEAR functions as a community-driven cloud computing platform that seeks to manage the drawbacks of other blockchains such as low transaction paces and insufficient interoperability.
NEAR protocol token holds a native token NEAR that users can employ to fulfill the costs associated with deploying applications or for transactions. The NEAR token also functions as an introductory in the platform’s Proof-of-Stake (PoS) consensus mechanism, where members can stake tokens on the network.
NEAR Protocol Price Prediction: The NEAR Price has touched major support
The near protocol price has historically discovered support and resistance at $3.354. This level was struck again last week and it seems that the near protocol price is discovering continued support. If the current weekly candle completes bullishly by closing green, we would consider that the support will maintain for the next few weeks. Optimally, the weekly candle closes above $3.70, creating a bullish candlestick pattern. This is named the “bullish engulfing candle”. Should this occur, the possibility that the near protocol price will rise shortly increases drastically. At the time of writing this, the NEAR price is sitting at $3.46.
NEAR Protocol Price Prediction: How could the NEAR Price Behave?
Now, if the NEAR price finishes this week on a bullish note, we anticipate that the price to target the next level of resistance. This could be at around $4,762. This would be the least we anticipate from the NEAR price pattern. If resistance fails to maintain and break, prices of about $6.784 are possible. Yet, we believe this to be rather doubtful. After the price touched the target of $4.762 and $6.784 respectively, we anticipate prices to drop again. Thus, the near protocol price could drop again to approximately $3.384. After that, it could rise slightly.
The NEAR token has registered very high returns in the 2021 bull market. These profits grew massively in the third quarter after the market correction. While the market dropped sharply in January, the NEAR token touched its all-time high of $20 in mid-January. Of course, after such a climb, the price revised back to its intermediate uptrend line. The NEAR coin might touch its next resistance level of $14 by the end of 2022. It is advisable to include a NEAR token in the portfolio as it carries long-term earning possibilities and it may deliver a good return on investment. Yet, it will be too early to comment on the $10 price mark. The next month is crucial.
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