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3 Explanations This Cryptocurrency Thaws While Others Hibernate In The Run-Up To 2024

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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

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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