https://ift.tt/3EY22Z0 Price Prediction: | Cryptopolitan

NKN – an acronym for New Kind of Network – can be compared to Substratum and Ontology, two projects that are building a decentralized internet solution. But a better perspective would be a triumvirate where NKN provides decentralized networking, Ethereum takes care of the decentralized computing, and Filecoin/IPFS does the hosting via decentralized storage.

One of the first applications built on NKN is a Smart home IoT, a Proof-of-Concept for what the team calls the “Airbnb of the Future,” a decentralized sharing economy. The NKN hype started two years ago where an impressed observer exclaimed:

This project has the highest potential to achieve mass adoption out of all the competitors in this space!

Ikenna Odinaka

At the time of writing, NKN is already the biggest blockchain network in the world with over 101,000 nodes, with Bitcoin and Ethereum having roughly 10,000 nodes each. We’re getting ahead of this puzzle, so let’s start from the beginning.

What is NKN?

Network Infrastructure for a Decentralized Internet, known as NKN, is the working of unique peer-to-peer networks based on blockchain technology. The NKN Ecosystem is powered by a novel public blockchain that uses monetary incentives to push Internet users for network connection sharing. This way, they will be able to utilize the bandwidth that is still unused available with them.

Thus, NKN offers the “new Internet,” i.e., the public internet network and more network resources.

This project was launched in the year 2018. The founder of the NKN network is Bruce Li, who was also the ex-Chief Operating Officer for the cryptocurrency project. In an interview, the founder stated that the network operates from offices based in Beijing and another in Silicon Valley.

Using the NKN blockchain, you can share your Internet connection with different users from across the Internet in a P2P manner.

The NKN network uses its consensus mechanism called Proof of Relay, or the POR consensus. The benefit of this consensus is that it is highly secure and evades attacks directed to the network. Hence, the transmission of data can be verified, and the verification cannot be tampered with.

Currently, there are more than 25K nodes to validate financial transactions and all the imaginable data on the NKN blockchain. This makes NKN an already impressive network, wherein the participants receive rewards.

Therefore when it comes to the NKN price predictions, it is essential to learn about the use cases of the NKN token.

NKN Overview

NKN Projects

Cellular Automata, A New Kind of Science, and the Ising Model build NKN’s consensus algorithm. A simple local majority rule can allow nodes to reach an agreement in a small number of iterations.

The NKN network has several Chinese collaborations under it as it forms the next-generation blockchain systems. These include:

• D-chat: This is a private and decentralized network-based chat system that offers end-to-end encryption and is based on the NKN network. It is completely free for integration with the Chrome browser and also provides offline messaging. More than 10k nodes are operating and even allows the users to upload audio, video, or pictures.
• nShell: It is similar to SSH in many aspects. It executes shell commands from users who are authenticated by the NKN network. Thereafter, the network sends back results through the NKN-client and monitors for incoming requests from the NKN-multiclient-js application.
• Edge computing: The NKN entered into a partnership with China Mobile.
• Content Delivery System: NKN scored another partnership with iQIYI. This is one of the biggest and most-used platforms for video streaming in China, with a massive number of users. The entire financial system of a firm can be handled by the NKN network.

NKN current market position and data

The current position of NKN in the market can be estimated using the data provided by the well-known and authentic website, Coinmarketcap.

According to the current situation, the coin’s trading volume reached 5,858,874.03, i.e., it went down by 5.40 percent compared to the Analysis from the previous day. When this article is being framed, the market rank for the cryptocurrency is #189. The circulating supply for the cryptocurrency is 700,000,000 NKN with a cap of 1,000,000,000 NKN tokens.

Technical Analysis of the price movement

The NKN token spiked when it was released into the market back in 2018. Hitting a high of $0.48, it fell to $0.05 price levels. Since then, the coin price remained in the range of $0.01 and $0.02 and finally speaking at 1.48 USD. This was the new all-time high for the cryptocurrency, experienced in April, around six months ago.

As seen in the chart above, we can see that the current price of the NKN token is 0.28 USD. The NKN price today is up by 2.6% when compared to the data yesterday. In the above 1-day price chart, we can see that the coin cost saw a massive drop of $23.39 on September 7th. This was due to the news of China’s ban on cryptocurrencies.

Also, if we look at the NKN technical analysis 1-day chart, it is visible that we are in a downtrend in the short term, since September 7th. Another notable drop of 14.73 percent was seen on September 20th. This made the price movement even more bearish. Therefore, it can be concluded that the NKN token was not a good investment for the short term.

As mentioned in the NKN live price chart, the highest price for today was 0.02889 USD, while the minimum price was $0.2749.

Updates from Twitter Handle

NKN is an initiative that works, keeping in mind the development of Web 3.0. Thus, the area of competition for NKN is Web 3.0, and it is gaining significantly in the mentioned area. An example of it is the latest retweet on their timeline. The mentioned tweet is by TokenInsight and has mentioned the leading blockchain systems ranked top in Web 3.0 development.

The said tweet ranks the top-10 gainers of Web 3.0 projects, and NKN ranks 7^th on the list. The progress that NKN has shown means that it can reach further highs. Thus, it will also bring returns to the investors who invest in it, so it can be a good opportunity. The mentioned tweet is the latest update from NKN, and it was posted on 1 January 2022.

NKN current market position and data

The most reliable source for the acquisition of data for NKN is CoinMarketCap. Here is an overview of the latest data regarding it.

At the time of writing, the current ranking of NKN is 190, which has ranked lower 1 point from 189. The current market cap for the NKN token is estimated to be $256,365,286, which has witnessed a decrease of 3.84% in the last 24 hours. The circulating supply of NKN tokens is about 700,000,000.00 NKN, while the trading volume is estimated to be $6,021,166, which has decreased by 6.31%.

Technical analysis of the price movement

The given chart from TradingView shows that the current price for NKN is about $0.364643. If we compare this data to yesterday, it shows a decrease of 1.65% in the value of the mentioned token. The drop that affected this coin the most was 7 September, which took its price from $23.39 to new lows.

The recent 1-day chart shows that this token is currently depreciating due to a change in the market’s mood and might continue likewise ahead. The recent trend shows that it is not a good investment in the short term. The mentioned live chart shows that the highest price during the last 24 hours was $0.386357, while the lowest was $0.371886.

We will present an overview from multiple points of view to ensure that the prediction is reliable for users.

NKN price prediction by Wallet Investor (2022-2023)

The price predictions by Wallet Investor are comparatively optimistic in contrast to other prediction sites. Wallet Investor forecasts that NKN will reach $0.754 in one year, while its price will cross the $2.245 barrier in five years.

The current price is bullish for NKN, as described 0.364 by Wallet Investor, and may turn bullish in the coming years.

As said above, the long-term prospects of the NKN coin are bright as it is expected to grow to $2.245. Currently, the token is going through hard times because of the ongoing recessive trend in the market. Once this trend is over, there is a change expected at the prices of NKN as well as seen in the chart.  

The above-given chart shows that the NKN token is expected to grow in the long term, and it would be a wise decision to buy it. Investors can research the current situation, but the forecast tells of good times coming. 

NKN price prediction by DigitalCoinPrice (2022-2029)

DigitalCoinPrice predicts that the rise in NKN price by the end of 2022 will be 40.39%, and the price will rise to $0.51282673206. The forecast for 2023 is $0.57002350360, while for 2024 is $0.77954449887.

The technical indicators show that currently, NKN is not expected to bring good profit as most of them are neutral while one is ‘sell,’ so the investors can decide easily.

The below-given chart predicts the price for NKN for the years 2022 and 2023.

Analysis for February 2022

The price forecast for February 2022 is $0.50809494680 and is expected to show an increase of 39.09%.

Analysis for March 2022

The month of March 2022 is expected to take NKN price to $0.47778244555. The growth is positive and will add to the price.  

Analysis for April 2022

April 2022 will add 48.89% to the bulk of NKN coin, and its price will grow to $0.54389989508.

NKN Price by CryptoGround

CryptoGround predicts an increase in the value of NKN as it is expected to grow to $0.3910 in a week. The predictions for one month show a price of $0.3815 while that of 1 year show $0.6019.

NKN price prediction by Trading Beasts

Verdict

NKN offers the network upon which all the other blockchains and platforms are developed, and where basically all the imaginable data is transferred from one place to another, which is what every network is hoping to achieve in different ways.

The challenge remains the same for all, which is to defeat corporations that usurp the profits and leaves no choice for end-users. NKN challenges telecom giants monopolizing profits and markets. We see this project as prevailing with the best developers growing their already impressive network of nodes. Mass adoption is on the horizon if the trend continues.

FAQs about NKN

Is NKN a good investment?

NKN price prediction using technical analysis tools comes out to be bullish for the long term. NKN will rank amongst the most extensive blockchain network if local regulations restore adoption. Big telecommunication monopolies would into play and drive the prices higher. At its current price, NKN is nearly 70 percent below its all-time high of $1.48. That might impress investors hunting for cryptocurrencies to buy the dip.

How much will NKN be worth?

Deep Analysis shows that the price of NKN will reach 1$ by the end of this year. However, this would be a very bullish situation. If the entire market sees new heights, we will see NKN price prediction go higher. NKN can prove to be quite beneficial in the long term. However, it would help if you still did your research before investing.

Will the NKN token hit 1 USD this year?

There are high chances of NKN hitting the 1 dollar mark by the end of this year. But that depends on the project too. China’s strict stance on cryptocurrencies could lead to price falls of the entire ecosystem, as NKN operates from Beijing. In this case, the NKN price prediction will turn bearish.