NEAR: 3 Reasons This Crypto Is Up 80% While Others Hibernate In The Run-Up To 2024

Christian Encila

1 year ago

3 mins read

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In the prevailing bearish backdrop of the broader cryptocurrency market, NEAR Protocol (NEAR) emerges as a noteworthy exception, showcasing remarkable resilience and defying the prevailing downtrend. Its trajectory has been one of sustained upward momentum, a trend that notably took root around mid-December and has continued to gather strength.

Unlike the general market sentiment characterized by a downturn, NEAR has not only weathered the storm but has surged impressively. Over the last seven days, the cryptocurrency has experienced a significant 80% increase in value, a feat that has not gone unnoticed by market participants and enthusiasts alike.

This surge has effectively propelled NEAR to double its base value, which stood at $4.24, signaling a robust and impressive performance in contrast to the prevailing market conditions.

Here are three reasons why this token is thawing in the run-up to 2024:

NEAR: Technical Resilience

NEAR’s upward trajectory is not a mere coincidence but is supported by robust technical indicators. A decisive price breakout on December 21st shattered a crucial resistance level at $4.0, paving the way for sustained growth.

This breakout generated warmth for further price appreciation. Furthermore, an ascending trendline, currently positioned at $3.7, acts as a reliable support against potential downward movements.

The Average Directional Index (ADX) at 40% signals potential buyer exhaustion but also indicates a healthy correction for long-term bullishness, portraying an enduring technical strength that is not easily extinguished.

NEAR market cap currently at $4.292 billion. Chart: TradingView.com

Community Momentum

NEAR’s success is not a solitary achievement; it is a result of a thriving community. The trading volume has surged impressively by 170% over the past week, reaching over $410 million on December 25th alone.

This surge in trading activity underscores the growing investor confidence. Open Interest (OI), representing future buying potential, has also surpassed $140 million, reflecting a shared optimism that NEAR’s flame is burning bright.

Source: CoinAlyze

This fervent belief adds fuel to the fire, attracting a considerable number of new participants—over 48,000 in the past week—drawn to the warmth of the NEAR ecosystem.

Future Roadmap

Looking ahead, NEAR’s future appears ablaze with ambitious plans outlined in its 2024 development roadmap. These plans include high-speed transactions exceeding 100,000 per second, enhanced scalability to eliminate bottlenecks, and the introduction of innovative dApps like Nightshade 2.0, promising enhanced privacy and security.

These developments solidify NEAR’s position as a frontrunner in the crypto space, leaving competitors in the shadows and envying its progress.

NEAR’s ability to withstand the challenges of the current market makes it a beacon of hope for investors seeking both warmth and growth. As market conditions gradually improve, NEAR is poised to breach the $5 barrier, representing a potential 30% increase from its current price.

This outlook is likely to attract those yearning to escape the chill of the crypto winter, further cementing NEAR’s position as a noteworthy player in the evolving crypto landscape.

Featured image from Shutterstock

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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