Cryptocurrency markets are known for their rollercoaster rides, and NEAR Protocol (NEAR) is no exception. If you’re keeping a close eye on your crypto portfolio, you’ve probably noticed some movement in NEAR lately. Let’s break down the latest price action for NEAR Protocol and see what’s been happening.
NEAR Protocol (NEAR) Sees a Positive Price Tick: A 24-Hour Snapshot
In the last 24 hours, NEAR Protocol has shown a positive climb, injecting a bit of optimism into its recent price trajectory. According to the latest data, the price of NEAR has increased by 3.33%, bringing it to $3.89. This upward movement is a welcome change for those who’ve been watching the market closely.
Looking Back: A Week of Price Correction for NEAR
While the last 24 hours are painting a greener picture, it’s crucial to zoom out and look at the bigger trend. Over the past week, NEAR Protocol has experienced a downward pressure on its price. It’s seen an 8.0% decrease, sliding from $4.25 to its current price point. This longer-term view reminds us that the crypto market is dynamic, and daily gains can occur even within a broader downtrend.
See Also: The Price Of Filecoin (FIL) Down More Than 3% Within 24 Hours
For context, it’s worth remembering NEAR’s all-time high. The coin once reached a peak of $20.44. This historical high serves as a benchmark, illustrating both the potential and the volatility inherent in the cryptocurrency market.
Decoding NEAR’s Price Fluctuations: 24 Hours vs. 7 Days
To better understand NEAR’s price behavior, let’s visualize its volatility over different timeframes. The chart below provides a comparative view:
- Left Chart (24 Hours): Shows NEAR’s price movement and volatility over the most recent day.
- Right Chart (7 Days): Illustrates the price action and volatility over the past week.
Bollinger Bands: A Window into NEAR’s Volatility
Those gray bands you see in the charts? Those are Bollinger Bands. They are a handy tool used to measure market volatility. Think of them as dynamic ranges that adapt to price fluctuations. Here’s what you need to know about Bollinger Bands and what they tell us about NEAR:
- Width Matters: The wider the bands, or the larger the gray area, the higher the volatility. This indicates more significant price swings.
- Narrow Bands: Conversely, narrower bands suggest lower volatility, meaning the price is relatively stable.
- Daily vs. Weekly: By comparing the Bollinger Bands on the 24-hour and 7-day charts, we can see how volatility has differed in the short-term versus the slightly longer term for NEAR.
Trading Volume and Circulating Supply: Key Indicators for NEAR
Beyond price and volatility, two other metrics offer valuable insights into NEAR Protocol’s market dynamics:
- Trading Volume: This represents the total amount of NEAR coins that have been traded within a specific period. A decrease in trading volume can sometimes indicate waning interest or consolidation in the market. For NEAR, the trading volume has decreased by 6.0% over the past week.
- Circulating Supply: This refers to the number of NEAR coins that are currently in circulation and available to be traded. An increase in circulating supply can, in some cases, exert downward pressure on price if demand doesn’t keep pace. NEAR’s circulating supply has slightly increased by 0.02% over the past week, now standing at over 1.01 billion coins.
Market Cap Ranking: Where Does NEAR Stand?
Market capitalization, or market cap, is a crucial metric for understanding the size and dominance of a cryptocurrency. It’s calculated by multiplying the current price of a coin by its circulating supply. Currently, NEAR Protocol holds the #25 rank in market cap, with a market capitalization of $3.97 billion. This ranking provides a snapshot of NEAR’s position within the broader cryptocurrency ecosystem.
In Conclusion: Navigating the NEAR Protocol Market
NEAR Protocol’s recent 24-hour price increase offers a glimmer of positivity amidst a week of price correction. By analyzing price charts, volatility indicators like Bollinger Bands, trading volume, and circulating supply, we gain a more nuanced understanding of NEAR’s market behavior. Keeping an eye on these metrics can help you stay informed about potential shifts and trends in the NEAR Protocol market.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.