Investors are hesitating to put money into major cryptocurrencies, but the NEAR Protocol (NEAR) has been drawing significant attention from investors looking to add to their portfolios. A remarkable 18.77% surge in market capitalization within the past 24 hours is indicative of mounting confidence in the protocol’s prospective growth.
NEAR has an impressive uptick of 91.10% over a week, rising from $2.39 to its current value of $4.60. What’s even more surprising is its astounding 343% surge to its current price of $4.6 in roughly two months from its $1 mark on 20th October 2023. However, it still has ground to cover to reach its all-time high of $20.42 recorded on January 17, 2022.
A significant surge of 63.49% in trading volume over the past 24 hours also signals heightened engagement in the buying and selling activities of NEAR tokens. This surge propelled NEAR to the 20th position with $4.62 billion market capitalization, displacing Bitcoin Cash (BCH) in rankings.
The surge in NEAR Protocol (NEAR) price is aligned with different factors like positive technical indicators, NEAR Protocol’s future path, and new developments related to the protocol.
NEAR technical indicator shows that its price broke three consecutive resistance levels at $3.18, $3.68, and $4.18 successfully after the decisive price breakout on the 21st of December at the $2.68 resistance level all indicating upward momentum.
The Average Directional Index (DAX) reading, which hovered around 44.97% nearing 50, argues a robust upward trend in NEAR’s movement.
The surge in NEAR’s price is also tied to its forthcoming plans, including high-speed transaction capabilities surpassing 100,000 per second, improved scalability to eradicate bottlenecks, the development of dApps like Nightshade 2.0, and enhanced privacy and security measures.
Additionally, Binance’s successful integration of USD Coin into the NEAR protocol network could have contributed to the recent spike in its price.
NEAR’s future trajectory depends on its resilience against market conditions and investors’ confidence in it. As the crypto world has positive momentum and technical indicators seem supportive of upward momentum, expectations are high for its long-term performance.
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