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.
📣 @NEARProtocol listed as the 3rd fastest-growing crypto ecosystem for developers in 2021! 🔥 @JeffKauflin of @Forbes dives into @ElectricCapital’s report on which platforms and blockchains attracted the most developers in 2021.
Read the report 🔽https://t.co/8bIdgrNIy5
— NEAR Protocol (@NEARProtocol) January 10, 2022
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.
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See all Bitcoin forecastsDeep dive into the Top 10 #NFT projects building on @NEARProtocol! 💥#NEAR’s NFT community is using Nightshade’s ultra fast, carbon-neutral sharding speeds to build on.
We take a look at @ParasHQ, @OPGames_, @mintbase, @DAOrecords_ and others!
Read 🔽https://t.co/hZW2Q01cXI
— NEAR Protocol (@NEARProtocol) January 10, 2022
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.
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.