- NEAR gained by 42% in a week with $1.67B volume, signaling strong bullish momentum
- Deutsche Telekom is now backing NEAR as a validator, enhancing blockchain infrastructure and user data sovereignty
As a seasoned crypto investor with a knack for spotting promising projects, I find myself intrigued by NEAR Protocol (NEAR). With a weekly growth of 42%, it’s hard not to notice its bullish momentum. The $1.67B volume is a testament to the market’s interest in this project. However, the slight dip of -3.92% in the last 24 hours seems like a temporary hiccup on the path towards potential future gains.
At the current moment, NEAR Protocol (NEAR) stood at approximately $5.10, after experiencing a decrease of about 3.92% within the past 24 hours. However, it’s worth noting that this recent price drop was unusual considering the impressive growth seen over the past week, with NEAR increasing by more than 42% in just seven days on the weekly charts.
Over the past day, NEAR’s trading volume significantly increased to approximately $1.67 billion, suggesting a high level of market engagement. Since there are around 1.2 billion NEAR coins in circulation, this means the protocol’s total market value is estimated at about $6.42 billion as well.
In simpler terms, the graph showing NEAR’s trading activity highlights some significant points for traders. At the moment, a crucial support level is found at $2.74 – a location with a strong history of buying activity. Conversely, if there is an increase in price, the resistance level to surpass for continued growth is at $6.20 – a key threshold that needs to be broken.
Experts predict that overcoming this barrier might lead us to a surge in prices, possibly reaching between $15 and $20 over the next several months.
Technical indicators signal bullish momentum
From a technical perspective, the Bollinger Bands on NEAR’s daily chart are expanding, indicating growing market volatility. As I write this, the price appears to be moving around the midpoint of these bands, suggesting a forthcoming phase of consolidation that could lead to a shift in direction.
In simpler terms, the Relative Strength Index (RSI) measured 57.46, suggesting a balance between neutral and slightly positive market momentum for the cryptocurrency NEAR. This level means that NEAR is not currently overvalued, providing potential for further price growth if market conditions continue to be favorable.
Simultaneously, the MACD (Moving Average Convergence Divergence) signal showed signs of a bullish trend as well. Here, the MACD line surpassed the Signal line, while the expanding green bars in the histogram indicated increasing buying pressure, hinting at potential price growth.
Deutsche telekom joins NEAR as validator
Apart from that, it’s also worth mentioning that Deutsche Telekom has declared its participation in NEAR Protocol, taking on the role of a validator. As stated in a press release dated 11th November, this telecommunications leader will significantly contribute to bolstering the blockchain’s underlying infrastructure.
This action aligns with our company’s emphasis on advanced, distributed technologies and ensuring users maintain control over their own data.
Oliver Nyderle, Digital Trust and Web3 Infrastructure Chief at Deutsche Telekom, expressed that the collaboration is both “promising” and “innovative.” He went on to say that NEAR’s focus on improving user data control mirrors Deutsche Telekom’s core values. This partnership is anticipated to boost NEAR’s institutional acceptance even more.
On-chain metrics reflect growing ecosystem activity
As reported by DeFiLlama, the Total Value Locked (TVL) of NEAR stood at approximately $257.2 million at the time of press. This figure represents a 5.13% increase over the past 24 hours. Additionally, the market capitalization of its stablecoins was estimated to be around $677.78 million. Daily fees and revenue amounted to approximately $19,300.
Additionally, NEAR recorded a 24-hour transaction volume of $7 million.
Ultimately, the funding schemes associated with the protocol managed to amass a total of $33.7 million, underscoring continuous advancement and expansion within its ecosystem.
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2024-11-13 09:43