Monday, October 3, 2022
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NEAR Protocol joins forces with Tether

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In an announcement last Monday, Tether noted that it will join forces with NEAR Protocol to gain momentum and thrive in the market according to Suzuki Shillsalot at Ambcrypto.

Following the development NEAR recorded a 6.44% increase against the stablecoin in the last 24 hours. According to CoinMarketCap, NEAR also increased in trading volume. Yesterday, NEAR’s 24-hour trading volume was up 51.87%, worth $622.20 million.

In the meantime, the development could be in line with NEAR’s mission to implement more projects in its ecosystem. After reaching 700 projects in July, NEAR tweeted its goal of surpassing 800 projects currently hosted on its network.

Not close to our expectations

Despite the development, the on-chain results of NEAR were not all that impressive. According to Santiment, NEAR’s promotional activity had taken a downward turn since maintaining some stability on September 10.

However, his total NFT volume didn’t seem capable enough to make up for the decline. NEAR’s total NFT trading volume dipped from $175,000 on September 11 to $107,000.

To make up for the loss in the aforementioned metrics, NEAR performed impressively on social media. A look at its social domain showed that it had moved from 0.587% to 1.053% with a trading price of $5.03. As for the social volume, it increased from 19 to 27.

Eyes in action

While NEAR has been solid over the past day, concluding that it would perform just as well on rest days could be catastrophic. Looking at the Relative Strength Index (RSI), NEAR had already reached an overbought level and reversed to a buying momentum point at 60.

With increasing volume as revealed by its On-Balance-Volume (OBV), NEAR is likely to be overbought again and eventually succumb to selling pressure.

Therefore, it might be in investors’ interest to keep an eye on these indicators and not expect continued bullish momentum.

With the crypto market oscillating between recovery mode and a downward push, the short-term move from NEAR could also go sideways.

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