NEAR Protocol is up 52.8%, overcoming key resistance and marking an uptrend in cryptomarket.
Technical analysis of NEAR reveals golden cross on EMAs and high RSI, signaling solid buying momentum in the market.

In the world of cryptocurrencies, there’s always one that breaks out of the mold – have you heard of NEAR Protocol (NEAR)? This crypto is making waves and for good reason. While most cryptocurrencies are in hibernation, NEAR is up an impressive 80%. Yes, you read that right, 80%!

Tradingview: NEARUSDT_2023-12-26_10-37-57

But what makes NEAR different? First of all, its technical resilience is out of this world. Imagine, in the midst of a market crash, NEAR soared. On Dec. 21, it broke through $4.0 resistance. That’s no coincidence, it’s the result of strong technical indicators. Even the Average Direction Index (ADX) is at 40%, indicating a possible healthy long-term correction.

Let’s look at the technical side

NEAR has been forming a pattern of higher highs on the charts, breaking resistance levels and entering a strong uptrend. If we look at the daily time frame, there is parabolic momentum, with all indicators pointing to a bullish formation. The EMAs are at a golden cross, and the crypto price is above the 50-day and 200-day EMAs. This shows that buyers are in control of the market.

Source: NEAR/USD Chart by Tradingview

In addition, the RSI is also above overbought zones, indicating strong buying momentum in the crypto price. It has also crossed above the 14-day SMA, showing strength in the crypto price.

So what does all this tell us? That NEAR is in a very strong position. With the breakout of key resistance levels and the formation of a solid uptrend, everything seems to indicate that NEAR price could reach even higher levels in the coming days.

NEAR/USD Chart by TradingView

In terms of technical levels, we have support levels at $0.960 and $2.090, while resistance levels are at $4.90 and $7.00. These are key points to keep in mind if you are considering investing or are already invested in NEAR.

Let’s take a look at some key aspects that are driving its dominance in the market

Sharding on L1: NEAR implements sharding, which enables native parallel execution, improving network efficiency and capacity.
Data Availability for ETH Rollups: NEAR offers data availability for Ethereum rollups at a cost 30 times cheaper than Celestia and 8000 times cheaper than Ethereum. This has attracted partners such as StarkNet, Fluent, Caldera, Movement Labs, Vistara Labs and Dymension. Arbitrum Orbit has already integrated this feature.
Super Fast Finalization with EigenLayer: In collaboration with EigenLayer, NEAR provides a fast finalization layer for Ethereum rollups, enabling settlements in seconds instead of hours or days. This defragments liquidity for L2 and facilitates interoperability between them.
Blockchain Abstraction with Universal Accounts: NEAR introduces Universal Accounts, which enable cross trades such as swaps, spot order books, loans, etc., with native assets, without the need for bridging and secured by billions of USD.
Blockchain Operating System (BOS): NEAR is developing a decentralized blockchain operating system that simplifies crypto complexity in user interfaces and layers.
Development of zkWASM Prover with Polygon Labs: NEAR is building a zkWASM prover in collaboration with Polygon Labs, which promises significant advances in privacy and scalability.
AI-Powered Governance: NEAR is implementing an AI-powered governance system, representing an innovative approach to network management.
Leadership in Daily Active Addresses: NEAR has achieved first place in the number of daily active addresses on blockchain.
Most Used dApps: NEAR hosts 3 of the top 5 most used dApps on Web3, including Kai-Ching, Sweat and Playember. Interestingly, Kai-Ching and Playember do not yet have their own token.
EVM support through Aurora: NEAR ensures EVM (Ethereum Virtual Machine) support through Aurora, making it easy to connect EVM chains with NEAR natives. Notable collaborations include LayerZero Labs and Stargate Finance.
Native USDC and USDT: NEAR offers native versions of the most popular stablecoins, USDC and USDT.
Increase in Total Value Locked (TVL): NEAR has experienced an 82% increase in its TVL, reaching $270 million in the last week.

And what about its community

It’s not a solitary achievement, it’s thanks to its people! The number of trades has gone up 170% in the last week. This shows the confidence of investors. In addition, the Open Interest, which shows future buying potential, has surpassed $140 million. This is a sign of shared optimism. More than 48,000 new participants have joined in one week, attracted by NEAR’s dynamism.

But that’s not all. NEAR has ambitious plans for 2024. We’re talking about high-speed transactions, enhanced scalability and the introduction of innovative dApps like Nightshade 2.0. All of this strengthens its position as a leader in the crypto space.

Tradingview: NEARUSDT_2023-12-26_10-49-11

Now, NEAR is not only a haven for investors looking for growth, but also a promise of innovation. With the market improving, NEAR could break the $5 barrier, which would be a 30% increase from its current price. So, if you’re looking for a crypto that will defy the cold crypto winter, NEAR could be your best bet.

NEAR is not just another cryptocurrency. It’s a symbol of resilience, innovation and community. In a market filled with uncertainty, NEAR shines bright– will NEAR be the beacon that guides investors through the tough times? Only time will tell, but for now, NEAR is definitely heating up the market.

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Filed under: Bitcoin - @ December 26, 2023 3:13 pm