The cryptocurrency market continues to underperform, but NEAR has added more than 7% to its value so far today.
The broader cryptocurrency market has been in a bearish trend for the past eight weeks. The market has lost more than $1 trillion over the past two months as Bitcoin, and the other major cryptocurrencies decline by more than 30% from their all-time highs.
However, while Bitcoin, Ether and the other major cryptocurrencies continue to underperform, NEAR has been performing well over the past few hours. In the last 24 hours, NEAR has added more than 7% to its value, outperforming numerous cryptocurrencies in the process.
The increase in the number of the nonfungible token (NFT) projects launching on the Near Protocol is the reason why the native token is rallying. The Near Protocol has become host to some of the leading NFT projects in the cryptocurrency space in recent months.
— NEAR Protocol (@NEARProtocol) January 10, 2022
The increasing adoption of the Near Protocol blockchain is one of the major catalysts behind NEAR’s recent price surge. At press time, NEAR is trading at $14.9 per token, up by nearly 8% in the last 24 hours.
Key levels to watch
The NEAR/USD 4-hour chart is one of the most bullish cryptocurrencies at the moment, thanks to its recent performance. The technical indicators show that NEAR is performing excellently and could rally higher if the market momentum is maintained.
The MACD line crossed the neutral zone earlier today, indicating massive demand for the cryptocurrency. The 14-day RSI of 62 shows that NEAR could soon enter the overbought region if the current market condition is maintained.
With the bulls in control, NEAR could look to break past the first major resistance level at $16.0 over the coming hours. However, NEAR would need the support of the broader cryptocurrency market if it wants to surpass last week’s high price of $17.4