NEAR Protocol Price Up by 27.1% – Time to Buy NEAR Coin?

The Layer-1 decentralized application known as NEAR Protocol is not new to being in the limelight especially amid a bullish season such as the current holiday season. Back in October, NEAR token recorded its all-time high individual price at $13.21. But as we have seen before, the prices fell by the time December’s bullish season set in as the broader crypto market shed value.

But Near Protocol has shown in the past week since December 14th that it is still trading at a 582% up than year-to-date, based on the data found on CoinMarketCap. As of writing this article, NEAR tokens are up by 27.1% exchanging hands at $13.7 apiece, setting an almost new record.

NEAR Protocol is an essentially community-run PoS blockchain project that focuses on cloud-run infrastructure. Its cloud computing ability makes this project an alternative to tech giants like Amazon and Google.

As crypto enthusiasts see it as a blockchain version of Amazon Web Services and Microsoft Azure that offers solid utility in the real world, NEAR is one of those hidden crypto gems that deserve more attention.

NEAR Protocol Catalysing Substantial Gains after Partnering with Terra

Crypto markets have been all about DeFi projects and NFTs this year and as these trends do not show signs of slowing down, experts think that 2022 would be shaped by investors of DeFi. Terra is a well-known player in the DeFi protocol category that got more attention in the second half this year for minting stablecoins.

With at least 13 successful products within its multifaceted DeFi ecosystem, it wouldn’t be wrong to consider Terra as the second-largest DeFi success that the crypto industry has seen.

NEAR Protocol managed to win the competition with other similar projects as they announced their partnership with Terra network. 

As soon as the news broke out, NEAR Protocol received positive feedback from the market that was reflected in technical charts and NEAR token’s price action.

Currently, NEAR token’s trading volume for the past 24 hours is above $2 billion, recording a 0.36% dominance in the market which has the potential to grow. NEAR is ranked 25th in the crypto market with a total market capitalization of $8.07 billion.

Per the announcement, the partnership between these two projects was made possible by a collaboration between NEAR Protocol’s NearPad and Terra’s Luna. 

This joint effort is said to facilitate the growth of UST to new ecosystems related to both Aurora and NEAR. Users will have the option to bridge digital assets directly from Terra to Aurora with the help of Allbridge.

Jeff Kuan, Business Development Head at Terra has spoken that the company expects to continue working on the UST cross-chain with NEAR Protocol well ahead in the future.

NEAR Technical And Fundamental Analysis

The current rally experienced by NEAR tokens has put it in a strong buy zone for the rest of the week with a total of 12 technical indicators implying BUY action for investors and holders active in the market.

According to the real-time data shared by Tradingview, oscillators and moving averages like RSI (65.81), MACD (1.71), EMA (9.87), and SMA (10.07) are all indicating BUY action. During its second leg of the bull run in December, NEAR recorded a 400% rise in prices within less than two months.

As time goes by, NEAR Protocol continues to be known as one of the most popular investments because of its connection with developing Web 3.0 via Filecoin partnership.

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