Near Protocol ranks third most held token by cryptocurrency funds as of 2021 Q3. The project awaits the upcoming USN stablecoin launch. Also, Coinbase is likely to list the alt soon. Nevertheless, enthusiasts would want to know what price chart shows about NEAR performance.
Near Protocol Price Action
NEAR Protocol explored its all-time peaks on January 16, 2022, hitting $20.44. that upward move emerged after the token broke past the resistance at $13. Remember, the alt remained beneath this hurdle since November 2021.
NEAR token traded at $16.84 at this publication, following a 0.29% drop over the past day. Moreover, NEAR remains 18% lower from its all-time highs. Meanwhile, the altcoin created a new resistance near the $14 mark.
Moreover, the assets 50 Exponential Moving Average remained stable beyond the price in February. That depicted an extended bearish run. Nevertheless, bulls stepped up on March 9, pinning the trend-line beneath the price. The alt retained this bullish narrative from March till this publication.
NEAR Protocol’s highest RSI in 2022 was 74.77, seen on April 10. Moreover, the alt lifetime high Relative Strength Index read at 90 on August 23, 2021.
On the other part, the lowest RSI reading was on February 21 at 31.91. While publishing this content, the Relative Strength Index read at 59.06, beyond the neutral 50. Interested investors should evaluate on-chain metrics to understand the token’s projection.
NEAR Protocol Metrics
NEAR token has a market cap of $11.60 billion at this publication. That shows a surge from the $8.85 billion recorded on January 1, 2022. That also reflects increasing accumulation. NEAR trading volume surged 6.69% over the previous 24 hours to $1,483,630,221 billion.
The tokens social dominance stood at 0.92 at the moment. That indicates the token’s gradual acceptance by market players.
Moreover, investors can expect a development activity surge with the USN stablecoin launch. While publishing this content, the development activity was 161. Increased development activity remains crucial for the Protocol as it will build investor confidence about adding new functionalities in the future.
A Challenge to LUNA Holder?
Some sources suggest that $USN can surpass TerraUST. However, NEAR Protocol should deliver on the increased yields for $USN to ensure such possibilities.
