- 1 Near Protocol has recently released an operating system for Web 3 that developers can build into
- 2 Technical indicators of NEAR suggests a consolidated
Near Protocol has been a hot topic of news as it has recently launched a Web 3 operating system. Near Protocol is a decentralized application platform that aims to make building and deploying decentralized applications (dApps) accessible and user-friendly. Founded in 2018 by a group of experienced engineers and entrepreneurs, Near Protocol seeks to overcome the scalability and usability challenges that many existing blockchain platforms face.It uses a proof-of-stake consensus mechanism, which enables fast transaction processing and lower energy consumption compared to proof-of-work systems like Bitcoin. Near Protocol operating systems are looking to act as a common layer for browsing and discovering Web 3 products as per the Polosukhin. The framework will be compatible with all blockchains making it one of the largest web 3 operations systems
Near Protocol has a market cap of above $1.8 Billion and is ranked 34th in the cryptoverse. Volume of the asset price has seen a minimal gain in the intraday session.Volume to market cap ratio of NEAR suggests a consolidated trend in price in the near future.
Are Bulls On Its Way For NEAR Price?
The weekly technical chart of NEAR suggests a bearish trend in the price. It has formed a strong bearish engulfing candle on weekly technical chart.It is currently trading near the value of $2.09 with a gain of 2.5% in intraday session.The upside momentum of NEAR can see a halt near $2.5.Meanwhile the support of the asset price can be seen near $1.75.It is currently trading below 50 and above 100 Daily Moving Average.Meanwhile 50 DMA is acting as a resistance and 100 DMA is acting as a support of the price.
RSI of the NEAR is currently near 41 suggesting its presence in the neutral zone. There is a positive slope suggesting a weak upside trend in price.
NEAR has recently launched a operating system for web 3 which is compatible to every blockchain. NEAR is currently observing a consolidated trend in price. Various analysts are expecting a consolidated trend in price.
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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