NEAR Protocol (NEAR) has seen a 17% increase in value over the past day, surpassing its major resistance level of $1.80, signifying bears are in control. However, its indicators demonstrate a significant momentum boost, and ample space for a substantial rebound, suggesting a continued upward trend.
The token has seen a persistent decline over the past five months. Despite the recent market instability, the Near protocol coin has managed to hold steady above the key support level of $1.24.
Over the past few weeks, the price has bounced back twice from this support, first on December 19th and again on January 1st, demonstrating that bulls are actively pushing against bears.
Today’s noticeable spike in prices has been a substantial catalyst for growth, resulting in a considerable breakthrough beyond the resistance level of the pattern. Moreover, the notable increase in trading volume indicates a significant interest from buyers, driving prices to go up.
According to the data from CoinMarketcap, the token is currently trading at $1.81, with 20.98% growth in the last seven days. When it comes to 24 hours, trading volume was boosted by over 300.36% yesterday before felling down.
If the token’s value continues to stay above the broken trend line, bulls may push the price up and reach a resistance level of $1.85. The ultimate goal of this pattern is to reach a high, which for the token is $2.00. On the other hand, if the price of the coin falls back below the trendline and can find a support level at $1.60.
Near Protocol’s Price Driving Factor
Primarily, NEAR is growing due to the continuous organic expansion of the Near Protocol. This consists of modifications to its legitimate wallet, as well as the introduction of novel dapps and integrations.
According to an official announcement, the NEAR Foundation, together with Pagoda and the Wallets Working Group, has been working on expanding and decentralizing wallet options for its users.
MyNearWallet is now open source, under the management of the Developer DAO, and accepting applications for teams to take over its maintenance while keeping it open source for the developer community.
The blog post claimed that users of MyNearWallet or wallet.near.org will not be affected by this transition and can expect product improvements. Pagoda will continue to maintain wallet.near.org and integrate it into the NEAR Discovery product.
Moreover, as per the data from DeFillama, its total value locked in has reached an impressive $77 million, indicating the platform’s steady growth and potential for further expansion and adoption.
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