- Decentralized app building platform NEAR price gained 14% on Jan 10-11, but flashed bearish warnings on the charts.
- The high evaluation from Forbes could have propelled the uptrend.
YEREVAN (CoinChapter.com) -NEAR Protocol’s same-named native token traded at $16.1 in the European session Tuesday. The digital asset has mostly consolidated since stepping in 2022. However, it still managed a 13% uptrend year-to-date.
Despite the promising fundamentals and the growing number of developers working on the platform, NEAR token flashed bearish technicals on the daily chart.
The digital asset formed a Rising Wedge, a reversal setup that predicts a looming decline. It consists of two rising trendlines that confine the price action while lowering its swing amplitude. The Wedge’s resistance has been successfully capping NEAR’s bullish attempts since early September, with the latest retest on Jan 4.
NEAR Crypto Ecosystem Is Going Strong
After recoiling from the mentioned resistance, NEAR retested its previous high as support and bounced from the $13.0 line. As a result, the digital asset could gain 11% more in the upcoming days, but the bearish technical outlook persisted with another factor.
NEAR registered a bearish relative strength index (RSI) divergence that crept on since Sep 2021. While the price action saw higher highs during the note period, the RSI printed lower highs. As the RSI is a momentum indicator, the lowering highs signify reduced expectations from traders, leading to a price decline.
However, NEAR’s ecosystem is going strong despite the bearish technicals, and Forbes experts agree.
NEAR Protocol; one of the fastest-growing crypto ecosystems
The leading business magazine ranked several blockchains according to the growth rate of their ecosystems and the overall number of developers or developing teams working on projects within the ecosystems.
Avichal Garg, a managing partner at crypto-focused venture firm Electric Capital, claimed that the factor is a “leading indicator of where value will be created and accrue over the next ten years.”
Developers tend to be pretty rational. If there’s something they can play with that has real utility, developers have this ability to go find that thing.
As seen on the list above, the magazine ranked NEAR 6th by developer involvement. Additionally, according to the report, NEAR’s 137 developers took third place by growth percentage with 291%.
Top 10 NFT projects building on Near Protocol
In addition, NEAR presented the top ten most popular NFT projects on the ecosystem, which grew in the past month.