Is NEAR a good buy in March 2022?

NEAR/USD has weakened from $14.07  to $7.39 since February 07, 2022, and the current price stands at $11.10.

The risk of further decline still persists, and if you decide to buy this cryptocurrency in the upcoming days, you should use a “stop-loss” order because the risk remains high.

NEAR eliminates the barriers to Web3 adoption

NEAR is an open-source platform that enables creators, communities, and markets to drive a more open, interconnected, and consumer-empowered world. The vision of this project is to create an ecosystem where people control their money their data and have tools to build new ideas.

NEAR eliminates the barriers to Web3 adoption and allows the free flow of assets and communication between networks. The main features of this platform are low fees, high speeds, and infinite scalability, and it is secure enough to manage high-value assets.

NEAR is built by a world-class team of engineers, and it has overcome the limitations of the Ethereum network. NEAR has seventy times faster finality, thirteen times faster block time, 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 token has achieved an impressive gain in the second week of January 2022, and it has reached a record high above $20 on January 13. NEAR is currently down more than 40% from its peak, and the risk of further decline is still not over.

The U.S. central bank signaled interest rate hikes starting from this month, and the uncertainty of potential outcomes between Ukraine and Russia continues to worry investors.

In such conditions, risk-on assets tend to suffer because investors look for safer places to invest their money.

It is also important to mention that Federal Reserve Chair Jerome Powell said this Wednesday that digital currencies are “vehicles for speculation” and that the Fed had not decided to issue its own central bank digital currency.

The current support level stands at $10

NEAR has collapsed from its record level, and if you decide to buy this cryptocurrency in March 2022, you should use a “stop-loss” order because the risk remains high.

Data source: tradingview.com

The current support level stands at $10, and if the price falls below it, the next price target could be around $8 or even below.

The first resistance level stands at $14, and if the price jumps above this level, it would be a “buy” signal, and we have the open way to the $18.

Summary

NEAR is currently down more than 40% from its peak, and the risk of further decline is still not over. The U.S. central bank signaled interest rate hikes starting from this month, and the uncertainty of potential outcomes between Ukraine and Russia continues to worry investors.

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