Advertisement
Advertisement

NEAR Looks Ready to Set a New All-Time High, Up 13% in 24 Hours

By:
Hassan Maishera
Updated: Jan 11, 2022, 12:30 UTC

NEAR could rally towards a new all-time high soon as the cryptocurrency has added more than 13% to its value in the past 24 hours.

NEAR FXEMPIRE

In this article:

NEAR reached an all-time high of $17 a week ago and now looks set to surpass that level thanks to its current rally.

NEAR Rallies by More Than 13% in 24 Hours

The broader cryptocurrency market continues to underperform, with Bitcoin still struggling around the $41k mark. However, NEAR has been rallying over the past few days. NEAR has added more than 13% to its value in the last 24 hours and looks set to surge even higher.

NEAR Protocol is a decentralized application blockchain designed to make decentralized apps similarly usable to those on today’s web. The blockchain runs on a Proof-of-Stake (PoS) consensus mechanism known as Nightshade, which is designed to provide dynamic scalability and stable fees.

NEAR’s rally can be attributed to a couple of positive news regarding the project. Forbes recently named Near Protocol the third fastest-growing cryptocurrency ecosystem for developers in 2021.

Another catalyst behind NEAR’s current rally is the increasing demand for non-fungible token (NFTs) projects. The Near Protocol is now home to some leading NFT projects, including Paras HQ, OP Games, Mintbase and DAORecords.

NEAR Could Set a New All-Time High Soon

NEAR has been rallying since the start of the year. On January 4, NEAR reached a new all-time high of $17.60. If it continues with its recent rally, NEAR could set a new all-time high over the coming hours or days.

NEAR’s MACD line has been above the neutral zone since December. Source: FXEMPIRE

The technical indicators show that NEAR is performing excellently at the moment. NEAR is currently trading at $16.240, above its 100-day simple moving average of $10.52. The MACD line has been in the positive zone since December 20, indicating a strong bullish trend.

The RSI of 61 shows that NEAR’s rally might not be over as it is still not in the overbought region. If the rally continues, NEAR would break past the $17.60 mark and set a new all-time high in the coming hours. An extended rally would allow NEAR to break the $20 psychological level before the end of the day.

About the Author

Hassan is a Nigerian-based financial Journalist and cryptocurrency investor.

Did you find this article useful?

Advertisement