The near-protocol price defied all odds and rose to an all-time high even as Bitcoin and other altcoins crashed. The NEAR price has risen for the last two days in a row. It is currently trading at $10, which is about 40% above its previous all-time high. According to CoinMarketCap, the platform has a market cap of more than $3.9 billion, it is the 39th largest cryptocurrency in the world. The Near Protocol price forecast remains positive.
What is Near Protocol.
NEAR is a decentralized network built on Near Protocol. It is based on a proof-of-stake concept and also uses other technologies like sharding.
The network is similar to Ether, Solana and Polkadot: it allows developers to build decentralized applications similar to those in DeFi and NFT. The main advantage of the platform is that it has relatively high speed, low gas prices and high scalability.
In recent months, more and more developers have switched to Near Protocol. Some of the most popular DeFi apps on the network are Maker DAO, Ampleforth, and CommonFund. There is also the highly scalable NFT platform Paras, as well as a fast and inexpensive open-market decentralized protocol Flux.
The price of Near Protocol remains stable, in part because the number of transactions on the network remains stable. At the time of writing, the number of transactions has risen to more than 316,000 in the last 24 hours, slightly down from this month’s peak of 322,000. The number of daily transactions has approached an all-time high. The number of new accounts has also risen to an all-time high.
Still, we can’t rule out the possibility that the NEAR price is being driven by fear of missing out (FOMO). As the token’s price has risen more than 500% since its low in July, many retailers have moved to the network. Hoping it’s the next big thing.
Near Protocol Price Forecast
<img src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/Near-Protocol-Price-1400×680-1..jpg” alt=’Near Protocol Presiprognosis 08.09.21′ width=”1400″ height=”680″ />
The daily chart shows that the NEAR price has been in a strong uptrend over the past few weeks. Recently, the coin broke above the key resistance at $7.2345, which was the previous all-time high. It also rose above the bullish pennant pattern shown in black.
In addition, the coin has moved above the 25-day moving average. Therefore, although the uptrend could continue, there is a chance that the Near Protocol uptrend will take a breather. Should this be the case, the next important level to watch out for will be the key support at $7.2345.