NEAR gained by 42% in a week with $1.67B volume, signaling strong bullish momentum
Deutsche Telekom is now backing NEAR as a validator, enhancing blockchain infrastructure and user data sovereignty
NEAR Protocol (NEAR) had a value of $5.10 at press time, following a decline of -3.92% in the last 24 hours. This price action was somewhat of an anomaly though, especially since on the weekly charts, NEAR appreciated by over 42% in just 7 days.
NEAR’s 24-hour trading volume also surged to $1.67 billion, indicating robust market activity. With a circulating supply of 1.2 billion NEAR, the protocol’s market capitalization was valued at $6.42 billion too.
NEAR’s trading chart revealed a few critical levels for traders. At press time, the support was pegged at $2.74 – A historically strong buying zone. On the upside, the resistance was noted at $6.20 – A key level to breach for continued upward momentum.
Analysts believe that breaking through this resistance could pave the way for a rally towards $15 to $20 within the next few months.
Source: TradingView
Technical indicators signal bullish momentum
On the technical front, NEAR’s daily chart highlighted widening Bollinger Bands – A sign of increasing market volatility. At the time of writing, the price seemed to be hovering near the middle band. This alluded to an incoming period of consolidation with potential for directional movement.
The Relative Strength Index (RSI) had a reading of 57.46, reflecting neutral to slightly bullish momentum. This level indicated that NEAR was not overbought, allowing room for further price appreciation if market conditions remain favorable.
Meanwhile, the MACD indicator flashed some bullish momentum too. The MACD line was positioned above the Signal line, with the growing green histogram bars suggesting strengthening upward pressure.
Deutsche telekom joins NEAR as validator
That’s not all though as Deutsche Telekom has announced its involvement in NEAR Protocol as a validator. According to a press release on 11 November, the telecommunications giant will play a crucial role in supporting the blockchain’s infrastructure.
This move is in line with the company’s focus on decentralized technologies and user data sovereignty.
Oliver Nyderle, Head of Digital Trust and Web3 Infrastructure at Deutsche Telekom, stated that the collaboration is “promising and innovative.” He added that NEAR’s mission aligns with the company’s values of enhancing user data control. The partnership is expected to further strengthen NEAR’s institutional adoption.
On-chain metrics reflect growing ecosystem activity
According to DeFiLlama, NEAR’s Total Value Locked (TVL) had a value of $257.2 million, at press time. This valuation came on the back of a 5.13% hike in the last 24 hours. The protocol’s stablecoin market capitalization was valued at $677.78 million too, while daily fees and revenue totalled $19,300.
Additionally, NEAR recorded a 24-hour transaction volume of $7 million.
Finally, the protocol’s funding initiatives raised $33.7 million, highlighting sustained development and ecosystem growth.
Source : AMBCrypto
—-
Author : News7
Publish date : 2024-11-13 14:43:37
Copyright for syndicated content belongs to the linked Source.