0
0
Cryptocurrencies: 12,885
Markets: 942
Marketcap: $ 2.10 T(0.32%)
24h Vol: $ 59.98 B
BTC Dominance: 48.13%

NEAR Protocol Price Drop Sparks Concerns as Bitcoin Minetrix Presale Nears $8 Million

The popular layer-one blockchain NEAR Protocol has seen its price drop by 13% over the last week, sparking concerns among investors regarding the protocol’s stability.

NEAR Price Analysis

As per the key facts provided, NEAR’s price dropped to $3.16 from a previous local high of $4.63 on December 26. This decline of over 30% is primarily attributed to NEAR losing support from its 20-day moving average of $3.51 on December 30.

Since then, NEAR has struggled to consolidate above this 20DMA level, which had been a support for over 3 months during the protocol’s price rally. Losing this key support on January 5 has opened the possibility of NEAR’s price falling further to its lower trendline support around $2.62.

NEAR’s downside risk is pointed out to be around 30%, with potential support levels at $2.26 and $1.65. While NEAR’s Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators point to still some upside potential, the overall risk to reward ratio of 0.34 signals higher downside risk.

NEARUSD TradingView Chart

Bitcoin Minetrix Presale Nears $8 Million

As the NEAR price drop has investors concerned, the presale for the Bitcoin Minetrix mining protocol has reportedly raised over $7.8 million so far.

Bitcoin Minetrix offers an innovative stake-to-mine system that provides an 86% staking APY. The protocol aims to provide decentralized and secure Bitcoin mining rewards for retail investors.

This comes at a time when Bitcoin’s hash rate has hit an all-time high due to increased mining by major players like Marathon Digital and Riot Platforms, centralizing the mining process.

Bitcoin Minetrix hopes to offer an alternative with its $0.0126 BTCMTX token presale that is close to reaching its $8 million goal. However, as with all crypto investments, there are inherent risks investors should be aware of.

The Bitcoin Minetrix project emphasizes aspects like security, decentralization, and the stake-to-mine system as strong points for investors.

Advertisementspot_img

Latest News