Near Protocol Price Up By 10.79% – Time to Buy NEAR Coin?

Near protocol is one of the top performers in the crypto market over the weekend, triggering a rush among investors to buy NEAR. The technical and fundamentals of the digital asset’s performance continues to depict an upward rally like no other.

NEAR Price Ramping Up As Bulls Continued Upward March

Near protocol, which seeks to revolutionise the budding ecosystem, is one of the beneficiaries of investor interests following its recent market gains. The network’s governance token NEAR is up a handsome 10.79% and trades at $10.191. The weekly gains by the asset put the digital currency at 32.10$ in the past week.

This surge has positively impacted its market cap as NEAR is up 4.18%, with over $5.4 billion in market cap in the last 24 hours. The last day trading volume has also shot up by 45.30%, with over $331 million traded on the protocol.

NEAR’s meteoric price gains have picked up in the last two months following a severe market crunch which saw over $1 billion shaved off the total crypto market cap during the bear season. NEAR shot up to $10.87 in early September and has largely traded within the $8 range. Following a brief dip, the virtual currency is making more strides towards a continued bullish push.

The crypto market’s growing investor interest is expected to bear more fruit for popular protocols like Near. And with DeFi interest reaching an all-time high (ATH) in the past few months, platforms like Near are expected to play crucial roles in the future of finance.

NEAR Technical and Fundamental Analysis

NEAR’s 24-hour trading charts are also impressive. The DeFi-focused protocol is soaring above the 20-day moving average (MA) price of $8.27, reflecting a healthy market sentiment on the token’s performance. It also trades above the 50-day and 200-day MAs at $8.173 and $4.870, respectively, further showing a sustained bullish momentum in the long term.

The relative strength index (RSI) depicts that NEAR is trading in the overbought region of 70.45, which means more investors are out to buy NEAR. The moving average convergence and divergence (MACD) indicator shows that the virtual asset is in the buy zone.

This growth is confirmed by the green trendline soaring above the orange line, indicating growing market confidence in the protocol’s capabilities to deliver on promises.

Near’s strong bullish propensity is attached to several growing fundamentals. The decentralised applications (dApps) platform recently partnered with the multi-chain decentralised exchange (DEX) platform RiskSwap. According to the details of the release, RiskSwap enables users to trade controllable risk futures and options trading as more protocols integrate traditional financial options to crypto assets.

In addition, the Near protocol announced the launch of a $350 million grant for projects looking to build on its ecosystem. Anchored by Proximity Labs, a research and blockchain development firm, the grant is expected to boost the developer ecosystem of the Near protocol while also furthering blockchain adoption.

In another development, a Near-based startup that bridges game developers with the expanding Web 3.0 OP Games recently raised $8.6 million in seed funding. According to the team, OP Games seeks to create new revenue streams for game developers while eliminating centralised platforms.

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