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That's why NEAR is up more than 7% today

 


The cryptocurrency market continues to underperform, but NEAR has grown in value by more than 7% to date.

The broader cryptocurrency market has been on a bearish trend for the past eight weeks. The market has lost more than $ 1 trillion in the past two months as Bitcoin and the other major cryptocurrencies are down more than 30% from their all-time highs.

However, while Bitcoin, Ether and the other major cryptocurrencies continue to underperform, NEAR has done well in the past few hours. In the past 24 hours, NEAR has increased in value by more than 7%, outperforming numerous cryptocurrencies.

The increase in the number of non-fungible token (NFT) projects started on the near protocol is why the native token is recovering. Near Protocol has hosted some of the leading NFT projects in the cryptocurrency space for the past few months.

The increasing adoption of the Near Protocol blockchain is one of the main catalysts behind the recent price hike for NEAR. At the time of writing, NEAR is trading at $ 14.9 per token, up nearly 8% over the past 24 hours.

An overview of important levels

The NEAR / USD 4-hour chart is currently one of the most bullish cryptocurrencies thanks to its recent performance. The technical indicators show that NEAR is doing great and could rise higher if market momentum is maintained.

The MACD line crossed the neutral zone earlier today, indicating massive demand for the cryptocurrency. The 14-day RSI of 62 shows that NEAR could enter the overbought territory soon if current market conditions persist.

With the bulls in control, NEAR could attempt to break the first major resistance level at USD 16.0 in the hours ahead. However, NEAR would need the support of the broader cryptocurrency market if it were to beat last week's high of $ 17.4.

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