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NEAR Protocol Analysis: See What Caused a 68% Jump in Revenue

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NEAR Protocol Analysis: See What Caused a 68% Jump in Revenue
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According to Near Blocks, transactions on the NEAR Protocol blockchain saw an unexpected surge between December 1st and 2nd. As of November 29th, the total transaction count on NEAR was 1.84 Million. However, at press time, the same metric indicated a more than 12-fold increase within a few days.

Why the NEAR Protocol Transactions Spiked

The sudden spike in transactions came after NEAR became the latest Layer-one (L1) blockchain with inscriptions on board. On November 28th, NEAT notes first appeared on the NEAR blockchain. The NEAT Inscription team described it as a new standard for launching public tokens on the network during the launch.

NEAT also created its own NRC-20, the fungible side of its inscriptions, just like Bitcoin’s BRC-20. 100% of the total NRC-20 assets have been minted and burned.

Because of the increase in activity, NEAR gained $173,000 in fees, explaining the 68% jump in revenue, according to Token Terminal.

NEAR’s Social Volume has also been affected. The Social Volume is tracked by the on-chain analytic platform Santiment. It is the total number of searches or messages connected to a project.

Indian Entertainment Giant Collaborates with NEAR

In addition, Shemaroo Entertainment Limited has introduced ShemarooVerse, a public metaverse. “With the launch of ShemarooVerse, a digital universe we plan to collaborate entertainment with Web3.0 technology,” explained Arghya Chakravarty, COO, Shemaroo Entertainment.

ShemarooVerse offers a digital universe where entertainment integrates with Web3.0 and AI. The collaboration is expected to provide a content library, interactive games, Bollywood avatars, live concerts and events in VR cinema, wellness zone, devotional zone, workspaces, social spaces, and storefronts, among others.

Technical Analysis and Prediction of NEAR Coin Price 

NEAR Protocol Analysis: See What Caused a 68% Jump in Revenue
NEAR/USDT chart by TradingView (Daily time frame)

The current price of NEAR Coin is $2.51 after surging more than 156% in the last 2 months. The current support levels for the coin are $1.76, and $1.14 for the immediate and 2nd support respectively. 

NEAR Protocol Analysis: See What Caused a 68% Jump in Revenue

Similarly, the resistance levels are at $2.69 and $3.33. The RSI has already reached the oversold level, highlighting market greed. A sell-off is expected. However, the 50 day and the 150 day EMA have done a golden crossover with each other, indicating positive momentum. The price prediction for the NEAR coin will be bearish after it reaches its immediate resistance level.

Conclusion

A sudden spike in transactions of NEAR protocol was seen after NEAR became the latest Layer-one (L1) blockchain with inscriptions on board. ShemarooVerse offers a digital universe where entertainment integrates with Web3.0 and AI.b. Presently, the price action in the NEAR coin is bullish but the prediction is bearish.

Technical Levels

  • Support Levels: $1.76 and $1.14
  • Resistance Levels: $2.69 and $3.34
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos or related indexes comes with a risk of financial loss.

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