For the first trading session, cryptocurrencies are gaining momentum. The market grew by almost 4.18%. Bitcoin and altcoins are performing commendably in intraday. However, a crypto is exploding the market with tremendous growth: NEAR Protocol. The DeFi token increases by more than 30% and signs a new ATH on the market.
Apart from the overall rise in the market, the price of NEAR was helped by the flagship announcement of the protocol. The leaders of NEAR Protocol have decided to release the package to boost the crypto ecosystem. Having said that, the network should be very attractive. Hence, the meaning of the argument of the sustainability of the upward phase of its value in the coming weeks.
$ 800 million to expand and improve the NEAR ecosystem
In a note made public on Monday, the NEAR TEAM announced the launch of a financing plan to the tune of 800 million dollars to develop its ecosystem.
Promoting the DeFi ecosystem is NEAR’s top priority. $ 350 million in grants will be awarded to projects, organizations and individuals who build decentralized finance (DeFi) applications on the NEAR blockchain. The research firm, Proximity Labs, will be responsible for the management and allocation of this fund.
100 million will be allocated to the Startup Grant Pool program with 5 million granted to 20 startups. Then, 250 million will be distributed to finance development work on the network. The remaining $ 100 million will be allocated to regional funds for the development of NEAR communities in Asia, Europe and the United States.
NEAR’s value soars after announcement
Daily Graph: Evolution of the price of NEAR on the stock exchange
The crypto set a high on the stock market after its rally. Near price rises to $ 12.41 during the trading session. Long before the announcement was made, Near’s price had climbed 10.79% to $ 10.19. 5 hours later, the crypto earns 20% more.
On the chart side, the price of NEAR seems to be in a good momentum as it exceeds its 20-day moving average valued at $ 8.37. For long-term prospects, the crypto is also well established as its price exceeds the 50 and 100 day moving averages set at $ 8.25 and $ 5.93 respectively. The RSI of 76.55 indicates demand pressure for NEAR. The intraday trading volume reflects this boom as it is up 209.60%.
The MACD also sends this trend to optimism as its curve crosses the signal line in an upward wedge. The likely scenario for the very short term is a small correction towards the resistance at $ 10.43 to test new highs. The WalletInvestor prediction algorithm has revised its NEAR forecast for the coming years. For next year, he expects the course could increase to $ 15.96. In 5 years, the algorithm establishes a forecast at 39.97 for the DeFi token.