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Near Protocol Breaks Above $4.6 Resistance Level
The token is one of the top earners among the top 100 cryptocurrencies.
RSI reading is in overbought zone
Near Protocol NEAR/USD is up 16% over the last 24 hours. The bullish sentiment is due to recent strong investor interest in the protocol. Its trading volume was $681,243,479, up 47% from the previous day.
Near Protocol is a decentralized smart contract network comparable to Ethereum. It differentiates itself by using sharding technology to increase transaction throughput. Sharding segments the network infrastructure and allows nodes to process portions of it.
Transaction speed has become a major challenge for large-scale blockchain networks. Near Protocol has made a name for itself in space. Attracting profitable blockchain projects that are pushing up the total value locked.
One such project is Sweatcoin, a protocol that creates tokens with steps taken by users. The money flowing into the project has pushed NEAR Protocol’s TVL to $388 million for him. A short-term technical outlook confirms strong bullish momentum for Near Protocol.
Source: Trading View
From the 4-hour technical chart above, NEAR has broken out of the $4.6 resistance. Cryptocurrencies have tried and failed to break through the level four times in the past. Additionally, the 20-day and 50-day moving averages have added support.
However, NEAR may be gearing up for a short-term retracement. The RSI is in the overbought zone. The momentum indicator is at 72, its highest level since 29th July.
NEAR Token is on Strong Bullish Momentum. The foundation of sharding technology and its fast and cheap transaction speeds are growing in popularity. Nevertheless, the token may be facing a retracement and the RSI reading is currently in the overbought zone. An investor should wait for a retracement before entering Long his position.
