NEAR Protocol (NEAR) Price Surges by 20%, Reaching $3

2:56 am
December 21, 2023

NEAR Protocol (NEAR) experienced a 20% surge in its price, reaching $3 on Wednesday. This surge comes as the total value locked (TVL) in the NEAR ecosystem rose to $76 million.

Technical indicators are pointing towards a bullish trend, with the potential for NEAR to target $6.00.

NEAR Protocol (NEAR) is among the leading performing cryptocurrencies today, alongside Solana (SOL), Stacks (STX), and Injective (INJ) which have also seen significant increases. The overall crypto market has seen notable activity, with Bitcoin (BTC) surpassing $44k and Solana overtaking XRP in market cap.

What’s Next for NEAR Price?

According to data from the NEAR block explorer, the recent surge in the price of NEAR’s native token can be attributed to a substantial increase in the total count of unique addresses. The total value locked (TVL) in the NEAR ecosystem has also risen, with DeFiLlama data indicating an increase from $55 million on December 17 to over $76 million on December 20.

An analysis of the NEAR Protocol’s technical position reveals that the Relative Strength Index (RSI) currently stands at 73, indicating an overbought condition. Additionally, the Moving Average Divergence Convergence (MACD) indicator on the daily chart suggests a continuation of the upward trend.

Today, the price of NEAR Protocol surged by 20% to surpass $3.00, accompanied by a more than 210% increase in daily trading volume to over $761 million. If buyers can maintain prices above $2.55 in the coming days, NEAR has the potential to revisit August 2022 levels above $6.00. On the downside, the primary support level is anticipated at $2.18.

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Frequently Asked Questions (FAQ)

What is NEAR Protocol (NEAR)?

NEAR Protocol (NEAR) is a sharded proof-of-stake blockchain that aims to provide a scalable and developer-friendly platform for decentralized applications (dApps) and crypto projects.

What are the factors contributing to NEAR’s price surge?

The increase in NEAR’s price can be attributed to a rise in unique addresses, indicating growing interest and adoption. Additionally, the total value locked (TVL) in the NEAR ecosystem has also seen a significant increase, reflecting greater activity within the network.

Is NEAR expected to maintain its upward momentum?

Technical indicators suggest a bullish trend for NEAR, with the potential for the price to target $6.00. However, market conditions and investor sentiment can play a crucial role in determining the trajectory of NEAR’s price movement in the near future.


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