After more than 160 significant developments, the year 2023 is now coming to an end for cryptocurrencies, and expectations for 2024 are high. In the coming weeks, investors’ appetite for risk is expected to remain strong. While a major macroeconomic development is not expected as ETF approval seems almost certain, altcoins have unsurprisingly achieved double-digit gains. So, what are the expectations for AVAX and NEAR Coin?
AVAX 2024 Price Prediction
The 2023 rise for Avalanche started with the announcement of a partnership with AWS. BTC climbed back to $17,000 shortly after this announcement, but while its competitors surged by 5-10 times, AVAX did not see the expected parabolic increases. At the time of writing, Avalanche (AVAX), the tenth-largest cryptocurrency by market value, is trading at around $44.
At the end of November, 9.54 million AVAX Coins were unlocked, yet the price increase accelerated. This indicated that the market was eager to stock up on the new supply for the coming year. High Ethereum network fees are now seriously prompting discussions about why alternatives like Solana and Avalanche are not seeing more demand. If this trend continues, the story of ETH killers could become even more attractive next year.
Technically, there is a noticeable divergence between the rising prices of AVAX and its falling momentum. The RSI is weakening, which could indicate a “sell the news” scenario with the ETF approval if it does not reverse, as the crowd of expectant investors grows.
In a possible downside scenario, there could be a drop to $33 and $31.5 in January. Conversely, a $90 target is envisioned in the opposite scenario.
NEAR Coin 2024 Price Prediction
NEAR Coin, considered among the Sam coins and severely hit after the November 2022 crash, is finally recovering. Near Protocol rose to $4.20, an increase of over 125%. Partnerships with Polygon Labs for the development of zkWASM and with US-based IDS Inc contributed to the price increase.
Here too, the RSI is in overbought territory and the price increase is slowing down. Thus, in the first days or weeks of 2024, we might see the price retract towards $2.9. Closures below this level could reverse the bullish sentiment.
