The cryptocurrency market remains under pressure as BTC price losses continue to impact altcoins significantly, with NEAR Coin experiencing a notable decline. This week, macroeconomic data sets to be released on Thursday and Friday are expected to bring increased volatility to the crypto market. Key data points include GDP data tomorrow and PCE data on Friday, which will shed light on the inflation situation in the US.
What Is Happening with NEAR Protocol?
NEAR Coin has faced a sustained decline, with decreasing demand over the past 30 days contributing to a double-digit drop in its value. Despite being part of the Sam Coins, NEAR failed to rally significantly following the FTX collapse. The increasingly competitive landscape has also been a topic of concern, likely to be a hot discussion point in the upcoming bull market.
As of June 24, NEAR Protocol recorded around 7.7 million completed transactions. A decrease in daily transaction numbers is attributed to a drop in the number of unique active addresses on the network, signaling troubling on-chain activity for NEAR Coin.
Why Are NEAR Coin Predictions Gloomy?
The number of daily active addresses on NEAR has plummeted by approximately 20% since June 14, resulting in a 38% decline in network revenues. Coupled with the current weakness in BTC price, further declines for NEAR Coin could be imminent.
Over the past 30 days, the price of NEAR has dropped 30% to $5.27. The MACD indicator, widely used by investors to forecast price trends, is signaling a bearish outlook. This suggests that short-term momentum is weaker compared to the long-term trend, indicating a potential further decline.
Insights for NEAR Coin Investors
- Monitor MACD indicator for signs of trend reversal, specifically looking for the MACD line crossing above the signal and zero lines.
- Avoid long positions until there are clear signs of demand recovery to prevent further losses.
- Pay attention to macroeconomic data releases this week, as they could trigger significant market movements.
In conclusion, NEAR Coin remains under significant pressure and may see its price fall below $5. If market conditions improve and buyers return, the price could potentially reclaim the $5.45 level.