- The Near Protocol price has been in a strong bullish trend.
- It has formed a cup and handle pattern, which is usually bullish.
The Near Protocol price has staged a strong recovery as Bitcoin and other altcoins bounces back. The token’s price rose to a high of $6.52, which was the highest level since May 23rd of this year. It has risen by more than 30% from its lowest level this year, bringing its total market cap to about $4.3 billion, making it the 22nd biggest coin in the world.
Why is Near rising?
Near Protocol is one of the biggest platform in the blockchain industry. It is a proof-of-stake platform that uses a technology known as sharding, which makes it significantly faster than other networks.
The platform is well-known for its substantial speeds that are much faster than Ethereum, Cardano, and BNB. It has an expanding ecosystem, which includes utilities like Ontology, Covalent, and Telegram Tipbot. Some of the gaming apps in its ecosystem are NEAR Lands and Galaxy Online.
Like other cryptocurrencies, the Near Protocol price declined sharply in May as the Terra ecosystem crumbled. The decline happened as investors feared about contagion in the industry since Terra was one of the biggest coins in the world.
Near Protocol had an eventful period in May. First, it partnered with ConsenSys, the well-known Ethereum incubator and enterprise company. The agreement paved the way for over 430k Infura developers to access a non-Ethereum Virtual Machine in an easy way to use.
Near Protocol also made entry into the non-fungible tokens (NFT) industry. It launched Open Forest Protocol, which will incentivize more developers to embrace NFTs. The platform’s leader said:
“We are bringing the entire business of forestation on-chain, making forestation not only scalable, but economically viable where it wasn’t before.”
Other NFT projects in the Near ecosystem are Publish, which is an NFT printing service, Endemic, and Naksh Marketplace.
Near Protocol price prediction
The hourly chart shows that the Near price has been in a strong bullish trend lately. It has formed a cup and handle pattern whose upper side is at $6.52. The current decline is part of the handle section. It has moved above the 25-period and 50-period mobing averages while the Relative Strength Index (RSI) has moved below the oversold level.
The Near Protocol price is now at the 50% Fibonacci retracement level. Therefore, there is a likelihood that the coin will bounce back. If this happens, the next reference level to watch will be at $6.52. A move above this resistance level will see the coin jump to $7.
