2022-2-1 14:13 |
The NEAR (NEAR/USD) price has been under intense pressure in the past few weeks amid the cryptocurrency crash. The token is trading at $11.15, which is about 46% below the highest level this year. Its market cap has dropped to about $9.3 billion, making it the 23rd biggest coin in the world.
January was a mixed month for the NEAR protocol. The coin jumped to an all-time high of $20.60 in the first half of the month and then dropped by more than 50% to a low of $11.15.
The initial rally was mostly a continuation of what happened in December when the coin made a bullish break-out. The slump that happened in the second half of the month was in line with the performance of the broader market. Bitcoin and other altcoins declined sharply during that period, pushing the market cap of all cryptocurrencies to below $1.6 trillion.
This decline was mostly because of the fear of the Federal Reserve. In January, the bank reinforced its previous guidance that it will end its quantitative easing program and then implement a series of rate hikes. The sentiment is supported by the overall high inflation rate and the fact that the Omicron variant has not been all that severe.
Meanwhile, the NEAR price declined even as the young platform continued to experience growth. According to DeFi Llama, there are now 20 apps built in the Near Protocol. These apps have a total value locked of over $550 million, making it the 19th biggest platform in the world. Some of the apps built in NEAR’s Aurola are WannaSwap, Synapse, and AuroraSwap.
In February, the main catalyst for the NEAR price will be the progress on the launch of Phase 1 of the sharding program.
NEAR price predictionThe four-hour chart shows that the NEAR price has been under intense pressure in the past few weeks. During this time, it has lost about half of its value during this crash. The price is between the 50-day and 25-day moving average.
At the same time, the price is hovering slightly above the 78.6% Fibonacci retracement level. It has also formed a bearish pennant pattern.
Therefore, there is a likelihood that the price will break out lower in the first part of the month and then rebound later on.
The post NEAR price prediction for February 2022: sell-off to continue? appeared first on Invezz.
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