Is Near Protocol Going to Zero? NEAR Price Drops 13% as Novel Mining Protocol Secures $7.8 Million
NEAR Protocol has undertaken a sudden -13% NEAR price drop, and with panicked holders asking ‘is Near Protocol Going to zero?’ could this novel mining protocol be a better play following a whopping $7.8m raise? Find out in NEAR Price Analysis.
The significant drop appears to have been driven by a loss of support from the 20DMA, which has provided legs to much of recent NEAR price action.
$NEAR all ma followers prepared to buy the chop right!? RIGHT?!
(We bounce from this area back to 4$)
D O T H E M A T H
https://t.co/RlywTw3HrX pic.twitter.com/7cM4KJQ3fX
— Wolf (@WolvesCapitalfx) January 8, 2024
However, with popular quant traders in the crypto community now calling for a bounce in this zone, increased bullish sentiment could buck the trend.
NEAR Price Analysis: Is NEAR Protocol Going to Zero After Losing 20DMA Support?
With NEAR price reeling in a fourth day of retracement, NEAR protocol is currently trading at a market price of $3.16 (Representing a 24-hour change of -1.49%).
This comes after rejection from a local high at $4.63 on December 26, which has triggered a cascading retracement following a failed consolidation around $3.51 on December 30.
With the retracement move since the local high now standing at -31%, the critical loss of 20DMA support on January 5 has left NEAR price facing a potential free-fall down to lower trendline support.
Indeed, the 20DMA (currently sat at $3.67) marks an unmistakable juncture in price action as this moving average level provided support for more than 3-months of rallying price action.
NEAR is now facing lower targets around $2.62, with supports also available from the lower trendline around $2.26 and the 200DMA which remains below the breakout trading channel around $1.65.
Yet, a glimmer of hope emerges in Near Protocol’s RSI, which has flipped to bullish sentiment at an oversold 46.71 – cooling down significantly with the recent NEAR price drop.
However, the MACD contrasts this, reflecting the downside momentum at -0.132 in a worrying sign for traders.
Overall, NEAR price analysis reveals that Near protocol could be weak here, with loss of 20DMA support threatening a full retracement of rally growth – and only the RSI offering any relief to holders.
NEAR Price is therefore facing an upside target at $3.5 (a potential +10.51%).
While downside risk could see NEAR price plummet down to $2.19 (a possible -30.85%).
NEAR protocol’s risk: reward is consequently offering a a risk: reward ratio of 0.34 – a terrible entry dominated by downside risk, but certainly not going to zero anytime soon.
But while downside risk dominates NEAR price analysis, a better play is emerging in a new Bitcoin mining protocol that offers the opportunity for retail investors to claim their slice of mining profits.
NEAR Price Drop Alternative? Don’t Miss Bitcoin Minetrix $BTCMTX Presale As $7.8M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$7,814,303 raised.
Offering an enticing 86% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
The stake-to-mine concept is an innovative idea set to revive #Bitcoin mining for regular #Crypto enthusiasts.
Those on #BitcoinMinetrix only require an Ethereum-compatible wallet like #MetaMask, simplifying everything significantly. pic.twitter.com/YbvHCw7Nj3
— Bitcoinminetrix (@bitcoinminetrix) January 8, 2024
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$8M In The Crosshairs: Bitcoin Minetrix Surges Past $7.8M As Markets Rush To Bitcoin Cloud Mining
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.m
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for the individual participant to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over NEAR Price Analysis Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $7.57m raised towards its $8M goal. At a competitive price of just $0.0126 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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