Here is why NEAR is up by more than 11% so far today
The cryptocurrency market has been performing well over the past few days, with the market cap now above the $2 trillion mark again.
The cryptocurrency market has been underperforming since the start of the year, with the market cap dropping below the $2 trillion level earlier this week. However, the market performance has improved over the past few days.
Bitcoin is trading around the $43k level while Ether is now eyeing $3,500 thanks to its recent rally. However, one of the best performers in the market at the moment is NEAR, the native token of the Near Protocol.
NEAR has added more than 11% to its value in the past 24 hours, outperforming numerous cryptocurrencies in the process. At press time, NEAR is trading at $19.50 per coin.
The rally comes as the Near Protocol team announced the launch of its MetaBuild Hackathon event. The MetaBUILD Hackathon offers developers the opportunity to build their dream project and have it reviewed by the leaders that are building NEAR and its ecosystem.
1/ 📣 The @NEARProtocol #MetaBUILD Hackathon is live!💥
The MetaBUILD Hackathon offers you the opportunity to build your dream project and have it reviewed by the leaders that are building #NEAR and its ecosystem.
Introducing the NEAR, Aurora and Octopus judges 🔽 pic.twitter.com/oFdgNI5oRl
— NEAR Protocol (@NEARProtocol) January 13, 2022
Since the announcement, NEAR has been rallying and is now one of the top performers in the market.
Key levels to watch
The NEAR/USD 4-hour chart is one of the most bullish in the cryptocurrency market at the moment. The technical indicators show that NEAR is bullish, and its value could soar higher over the coming hours and days.
NEAR’s MACD line is above the neutral zone, thanks to the coin’s rally over the past few weeks. The RSI of 67 shows that NEAR could soon enter the overbought region if the market condition is maintained.
If the rally continues, NEAR could top the $25 psychological level, representing a new all-time high for the cryptocurrency. An extended bullish performance could see NEAR reach the second major resistance level at $28 in the coming hours.