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Cryptanalyst and trader under the pseudonym Cantering Clark thinksthat the NEAR token will soon be able to repeat the dynamics of December 2021 and double its value, writes RBC Crypto.
I think we are setting up for a similar much larger expansion with $NEAR as highlighted below.
Currently holding the weekly vwap and by no means extended.
20d ma pointing up and holding
Weekly distribution showing acceptance of higher prices with minimal effort. pic.twitter.com/a1ewawxcyi
— Cantering Clark (@CanteringClark) January 15, 2022
According to the expert, at the moment the altcoin is accumulating volumes and is preparing for a sharp rise in price. The NEAR token retains upside potential as long as its value is above the 20-day moving average (MA), the analyst noted.
On January 17, the NEAR token is trading at $19. Over the past month, the altcoin has risen in price by 127%, and its capitalization has increased to $11.7 billion. On January 16, the cryptocurrency updated its all-time high above $20.4.
Last week, the non-profit Near Foundation announced that it had closed a funding round and raised $150 million in funding. The round was led by Three Arrows Capital. Mechanism Capital, Dragonfly Capital, Andreessen Horowitz (a16z), Jump, Alameda, Zee Prime, Amber Group and other companies also invested in the project.
The Near Foundation is developing the NEAR Protocol blockchain, which is designed to build decentralized applications (dApps). The platform works on the Proof-of-Stake consensus algorithm.
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