The crypto market today is stuck in a sideways trade today. BTC is set to hit support at $42K, ETH hovers around $3.3K. In tandem with the market most altcoins trade in losses. However, defying the trend are alts, as they print significant gains.
NEAR Price Action
Since December 18, NEAR has been rising inside an ascending side. On January 14, the stock hit a new all-time high of $20.4. The peak was made quite close to the channel’s resistance line.
Furthermore, both the MACD and the RSI have produced significant negative divergences, which frequently indicate bearish trend reversals.
As a result, it’s likely that NEAR will fall towards the channel’s centre and potentially support lines.
NEAR pricing has entered price discovery after completing a $150 million investment round and experiencing exponential ecosystem expansion.
NEAR’s price rebounded more than 50% to a new record high of $20.36 on Jan. 14 after falling to a low of $13.10 on Jan. 9. Data from Coinpedia and TradingView show that the price of NEAR fell to a low of $13.10 on Jan. 9.
Three elements have led to NEAR’s growing strength: the successful conclusion of a $150 million financing round, the success of the Aurora cross-chain bridge protocol, and a growing ecosystem of projects and developers working on the NEAR network.
In a new round of funding, NEAR has raised $150 million.
The stock has recently climbed in price following the announcement that the team had successfully closed its latest funding round, raising $150 million from a variety of investors including Dragonfly Capital, a16z, Alameda, and Circle Ventures.
Source: https://coinpedia.org/altcoin/top-reasons-why-traders-are-investing-in-near-protocol-near/