TL;DR Breakdown
- NEAR Protocol is one of the significant movers in the crypto market today as its price keeps soaring.
- It has garnered significant attention as a proof-of-stake blockchain valuable to investors.
Near Protocol’s native token NEAR poked its lifetime milestone a few hours ago, moving beyond $17.50. This figure is over $1.30 of the token’s previous high. Over $1 billion worth of NEAR was transacted in the last 24 hours, with much of the trading activity on Binance. NEAR has spiked by over 113%, from the 20th December low.
After linking with Terra’s dollar-pegged stablecoin, UST, NEAR prices began advancing high. NEAR prices bumped 20% in the hours after that announcement and have since maintained the uptrend. The altcoin achieved the ATH on 4th January 2021. NEAR has support close to the $8.00 level and began moving up. The price was cleared at the $11.00 and $13.00 levels advancing to higher levels.
Near Protocol soaring higher
The altcoin then moved over the $12.00 level, which was significant. This was almost over the 21-day simple moving standard. The price was not stopping there as it advanced above the $13.00 zone. NEAR traded to an ATH over $17.00 from that point. The altcoin is still trading around the new level.
In case it drops, the price might test the $16.50 level. If NEAR goes down significantly, the price could test the 50% Fib retracement level of the upward move from the $7.50 swing low to $17.50 high at $12.50. On the upside, the next significant resistance is close to the $18.00 zone. The next target will be the $20.00 level if it goes beyond this level. As of this writing, the altcoin was trading at $16.43.
Proof-of-stake blockchain
Near is on a mission to improve Ethereum’s failings like other layer-1 blockchains. The native token is based on a proof-of-stake (PoS) consensus algorithm. For this reason, the network is eco-friendly and turning to “sharding” through Nightshade, a native update. The database partitioning technique used by blockchain will improve the network’s scalability enabling fast transactions. The method works by forming several parallel chains, further spreading transactions via separate shards.
Users can pay storage and transaction fees using NEAR utilizing the Protocol’s blockchain-powered cloud computing network. Several investors have gained significant interest in decentralization, and NEAR Protocol is thriving in this scope.
