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- 1 NEAR price is currently trading at $7.55 with an intraday gain of 1.66%.
- 2 NEAR market cap is up by almost 1.68% and the volume has gained by 16.22% in the latest trading session.
NEAR is a decentralized platform that is open-source and community-operated. It provides cloud infrastructure for running decentralized applications by combining the features of a decentralized database and a serverless computing platform.
The main objective of NEAR is to help developers and entrepreneurs to create censorship-resistant back-ends for applications that deal with high-stakes data like money, identity, and assets. Additionally, It enables the creation of open-state components that can interact seamlessly with each other.
The NEAR platform is designed to make it easy and sustainable for developers and entrepreneurs to build applications that can secure high-value assets like money and identity, while also ensuring that they are performant and usable enough for consumers to access. The token serves as the unit of value on the platform, which allows token holders to use applications on NEAR, participate in network governance, and earn token rewards by staking to the network.
Technical Analysis of NEAR Crypto
The price of NEAR Protocol cryptocurrency has recently experienced a significant upward trend from its lower support levels. This surge in price was due to the breaking of a major trendline, which caused the price to rise towards the upper resistance level.
The NEAR token has been in an uptrend, with multiple higher-high swings confirming the bullish momentum. This reflects the community’s trust and confidence in the stability and success of the NEAR Protocol project.
The dominance of the bulls is evident in the technical chart of NEAR Protocol crypto. The cryptocurrency is currently trading above the main EMAs, reflecting an upward trend.
Technical indicators further support this bullish sentiment, with RSI hovering close to the positive zone of 58 and MACD forming a bullish outlook with the green band. These signals suggest that the cryptocurrency may experience even greater upward momentum in the weeks ahead.
NEAR Protocol Crypto Price vs Volume Analysis
The graph displaying the trading volume and price shows an increase in trading volume over the last few days, accompanied by a price increase. The price has experienced significant growth in recent days, leading to an expectation of continued growth in the long term.
NEAR Protocol Crypto Social Dominance vs Social Volume
The social dominance and social volume graph indicates that there has been a steady increase in both social dominance and social volume for the past few months. This increase has had a positive impact on the price of NEAR Protocol. Additionally, the momentum of the NEAR Protocol price may be influenced by changes in social dominance and volume dominance. Social Dominance is a measure of the percentage of crypto media conversations that mention a particular asset or phrase.
Summary
NEAR Protocol cryptocurrency has experienced a significant upward trend from its lower support levels due to the breaking of a major trendline. The token has been consistently performing in an uptrend, reflecting the community’s trust and confidence in the project. The cryptocurrency is currently trading above the main EMAs, reflecting an upward trend. Technical indicators suggest that the cryptocurrency may experience even greater upward momentum in the weeks ahead. The increase in social dominance and social volume has had a positive impact on the price of NEAR Protocol.
Technical Levels
Support Level: $6.124
Resistance Level: $9.026
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
