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BTC price losses have already significantly weakened altcoins. However, worse scenarios are possible. We have now reached the days of the week where macroeconomic data will determine the direction. Data expected on Thursday and Friday is anticipated to trigger increased volatility in crypto. GDP data will be released tomorrow, and on Friday, we will see the PCE data to understand the inflation situation in the US.
NEAR Protocol (NEAR)
The decline has been ongoing for a long time, and continued sales for NEAR Coin are likely. Demand has been decreasing for 30 days, and this was one of the reasons for the double-digit drop specific to NEAR Coin. Despite being among the Sam Coins, NEAR could not achieve the desired increase even after the FTX collapse. We have been talking about the strengthening competitive environment for a long time, and this will be one of the most discussed topics in the new bull market.
As of June 24, the total number of completed transactions on Near was around 7.7 million. The decline in daily transaction numbers is linked to the decrease in the number of unique active addresses on the network. In other words, NEAR Coin on-chain signals are now alarming.
The number of daily active addresses on Near has dropped by nearly 20% since reaching 2.2 million on June 14. Due to the weakening network activity, network revenues have also decreased by 38%. Considering the current weakness in BTC price, further declines in the coming days would not be surprising.
NEAR Coin Predictions
The price, which has fallen by 30% in 30 days, may continue to drop. For the altcoin at $5.27, MACD is giving a significant bearish signal. This indicator, which investors use to predict price trends and potential movements, currently shows that short-term momentum is weaker than long-term momentum, indicating an approaching decline.
Historically, investors tend to sell until signs that the MACD line has crossed above the signal line and the zero line. Due to this, NEAR Coin investors avoiding long positions fail to generate the necessary demand, causing the price to drop further.
In summary, NEAR Coin price may fall below $5. In the opposite scenario, if buyers return, $5.45 is expected to be reclaimed.
