Near Protocol attracts $40 million in investment as NEAR price rallies 65% ahead of developer conference

Near price has gained significantly in the past few days even as the broader market cues took a break from being bullish. The altcoin has its developer conference lined up this week, and the anticipation has resulted in not only the price action but also the observation of considerable growth in the protocol.

Near price surges to five-month high

Over the past two weeks, the NEAR price has shot up by more than 65%, bringing the altcoin’s exchange value to $1.59 at the time of writing. Up from $1.00 since mid-October, NEAR is exhibiting no sudden change of trend imminent.

The Awesome Oscillator (AO), which has been moving upwards, indicates that the short-term period is trending higher than the long-term period, which is generally a bullish buying opportunity. When these green bars begin to turn red and trend downwards, a bearish signal is noted. While the possibility of a decline isn’t certain, it isn’t unlikely either.

The Moving Average Convergence Divergence (MACD) indicator is showing receding green bars on the histogram. This is usually a signal of waning bullishness, and a cross of the red signal line over the blue MACD line would confirm a bearish crossover.

Breaching and flipping the $1.63 resistance into support is necessary for NEAR to maintain the positive outlook. This would act as a boost for Near price to hit a six-month high of $1.78.

NEAR/USDT 1-day chart

But if the failed breach of Monday translates to a decline, NEAR could see a correction to $1.45. Losing this support line would erase nearly half the gains noted by NEAR in the past few days, testing the $1.17 support level and invalidating the bullish thesis.

NEARCON is near 

November is the month of developer conferences, and Near Protocol is also among the many hosts. The protocol’s conference NEARCON is set to take place from November 7 to November 11 and would welcome developers to investors as well as key crypto industry members as speakers.

Such conferences act as a major catalyst for the hosts since they not only thrust them into the limelight but also encourage investment into the company/token/protocol. In the case of Near, the anticipation has resulted in a price rally as well as a considerable rise in the daily trading volume. 

Since October 22, the daily trading volume has increased from $40.96 million to $145 million, peaking at $253 million on November 1.

NEAR daily trading volume

However, the more important measure is the inflow that has been recorded in the same time period on the protocol. In nearly two weeks, the total value locked (TVL) on the protocol has increased by 54% from $76 million to $111 million at the time of writing.

Near protocol TVL

This is a good sign for the investors holding NEAR at the moment. However, those looking to jump on the hype train should ensure that the developer conference NEARCON does not end up being a sell-the-news event resulting in immediate corrections.