The 35th-place coin on the CoinMarketCap rankings hit an all-time high recently. I’m talking about the NEAR token, of which we will be conducting an analysis and forecast today.
At the time of writing NEAR is trading at $ 11.17, accumulating a loss of 15.75% as a result of a necessary setback, and the general decline in the market.
Its market capitalization is $ 5,939 million, which adds up to the 527 million coins in circulation.
Acerca de NEAR Protocol
It is a blockchain platform, designed so that decentralized applications can be used on the web.
It uses a proof-of-stake mechanism called Nightshade, which aims to offer the highest possible scalability and stable rates.
Its native token is NEAR, and it is used to process transactions, store data, run nodes through token staking, and to carry out network governance.
The platform includes tools such as:
- Standard data structures
- Testing tools
- NEAR Wallet, designed to offer optimized user experiences
- NEAR Explorer for contract debugging and network performance compression
- Gitpod to create a zero-time onboarding experience for developers
- NEAR Command Line Tools for developers to deploy applications from local environments
This is currently one of the fastest growing smart contract-compatible networks. In the last 7 days, it was the blockchain with the highest growth in total blocked value (TVL).
Now NEAR is launching a grant program to develop decentralized applications, which could further promote the growth of TVL on this network.
NEAR token analysis and forecast
On the NEAR vs USDT daily chart we observe a clear short-term uptrend, composed of increasingly higher lows and highs.
The 8 EMA and 18-day SMA moving averages follow this direction and are currently working as dynamic supports.
Today a pullback is in development, and because the bullish force is dominant, it is quite likely that this corrective process is ending. A new high could be on the way.
Medium-term momentum should be extended further
On the weekly timeframe we see that the NEAR token is developing medium-term momentum, which is being hampered by the previous all-time high.
Because a new effective high has yet to be manufactured, we can assume that the developing momentum should still spread further, so it does not seem far-fetched to expect further gains in the next few hours / days.
The 8-week EMA and 18-week SMA moving averages are also crossed to the upside. The EMA worked as a dynamic support recently, and that was most likely the bottom before climbing to as low as $ 15.
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