NEAR has exploded since the beginning of September. Should I buy it?

NEAR/USD has been one of the best performers on the cryptocurrency market since the beginning of September 2021, and the price of this cryptocurrency has reached a new all-time high above $12. The current price stands around $9.13, and if you decide to trade NEAR, you should always use a “stop-loss” order because the risk remains high.

Fundamental analysis: NEAR announced a partnership with Filecoin

NEAR has exploded since the beginning of September, the daily volume of NEAR remains high, but the current price appreciation has a less fundamental background.

NEAR is an open-source platform that enables creators, communities, and markets to drive a more open, interconnected, and consumer-empowered world. NEAR has overcome the limitations of the Ethereum network, NEAR has thirteen times faster block time, seventy times faster finality, and it is more than a thousand times cheaper than Ethereum.

To interact with this platform, you should use NEAR tokens that allow you to participate in network governance and earn token rewards by staking to the network. NEAR recently announced a partnership with Filecoin, and if you decide to participate in the Filecoin-NEAR Grant Program, you can apply by October 31, 2021, for consideration.

“We are excited to deepen the collaboration between the Filecoin ecosystem and the NEAR ecosystem with the launch of a $300,000 joint grants program designed to support developers interested in exploring new opportunities at the intersection of these two protocols. All eligible projects will receive funding towards further development, the team of NEAR reported.

NEAR is built by a world-class team of engineers, and this platform is secure enough to manage high-value assets. There are already many projects on this platform, but the main question among traders is whether the NEAR is undervalued at the current price and will it go up in the upcoming days?

The cryptocurrency market is advancing this Wednesday; still, the price of NEAR can easily back below $8 support, and maybe it is not the best moment to buy this cryptocurrency. If bigger investors unexpectedly sell a substantial amount of NEAR, it could result in an extreme correction as a small price change could provoke liquidations from traders with high leverage.

Technical analysis: $8 represents a strong support level

This cryptocurrency has made a big jump in a short period and, if you decide to buy NEAR, you should consider that the price could also weaken from the current levels.

Data source: tradingview.com

NEAR is currently trading around the $9.13 level, but it would be a strong sell signal if the price falls below $8 support. The next price target could be around $7 or even $5; still, if the price jumps above $11, we have the open way to $12.

Summary

NEAR has reached a new all-time high above $12 this September, but probably it is not the best moment to buy this cryptocurrency. If the price falls below $8 support, the next price target could be around $7 or even $5.

The post NEAR has exploded since the beginning of September. Should I buy it? appeared first on Invezz.

Publication date: 
09/15/2021 - 17:41
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Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.