BlocksInform
Close, the crypto native to the nearby protocol, seems to continue to reflect the trajectory of Bitcoin, one of the major driving forces of the cryptocurrency industry.
The largest crypto asset boasting a total market capitalization of $320.76 billion has so far failed to establish a strong upward momentum that will enable it to exit 2022 with a higher value.
In fact, BTC, which is trading at $16,658, is in danger of ending the year with a meager gain of less than 2%. As of the writing of this report, inaugural cryptography has only increased by 1.2% over the past 30 days and is down 1.5% weekly.
As Bitcoin continues with its struggles, lesser-known altcoins such as NEAR will also struggle to trigger a surge in their prices.
Yearend Bang Denied As NEAR Drops 20%
Much like many of its fellow digital coins, NEAR is now trapped in a position where it will be difficult to end the month of December on a high note.
Quasi-protocol has the most powerful positive correlations with bitcoin, cardano, and xrp. It suggests that these parts often tend in the same direction simultaneously.
According to latest data from Coingecko, at press time, NEAR is changing hands at $1.32 and has already lost 20% of its value in the last 14 days.
In terms of monthly performance, the coin is currently one of the bottom 40 performing crypto assets, down 16.2% over the previous 30 days.
Adding to the woes of the cryptocurrency is the findings of Investors Observer, which gave the altcoin a moderate volatility rank of 39, putting NEAR in the bottom 39% of all cryptocurrencies in the market.
Bulls are also put in a tough spot as they now bear the responsibility of flipping the resistance region of $1.45 into support zone to trigger some sort of a bullish movement.
NEAR total market cap at $1.10 billion on the daily chart | Chart: TradingView.comNear Protocol Project Affected By FUD
It turns out, the crypto is not the only thing affected by the high levels of fear, uncertainty and doubt (FUD) that’s been plaguing the crypto market recently.
Octopus Network, a project dedicated for launching and running of appchains (application-specific blockchains) built on the Near Protocol blockchain, has been forced to reduce its workforce by 40%.
Citing today's difficult and gloomy market landscape, The project decided to withdraw 12 of the 30 members of its core team in order to continue operations.
In addition, the remaining octopus workforce has agreed to take a 20% wage reduction and will also lose their symbolic inducement privileges.
Meanwhile, with only three technical analysis indicators showing positive signs and 24 showing bearish indications, the general mood regarding the NEAR Protocol price projection is pessimistic, according to data from December 28.
