NEAR protocol eyes a 50% rally on a bullish formation and growing adoption

image from near.org
image from near.org

Key Takeaways:

  • Dapp platform Near partnered with indexing and query protocol, the Graph.
  • The platform also announced a $800 million Ecosystem Fund.
  • Its native token flashed a bullish Pennant and could reach $17.4 in the upcoming sessions.

YEREVAN (CoinChapter.com) — NEAR Protocol, a decentralized development platform, soared in valuation as its native token of the same name rallied by up to 40.95% week-to-date (WTD). That pushed NEAR’s prices to a new record high of $13.43 this Thursday, leaving scope for additional bullish moves in the future thanks to a flurry of supportive technical and fundamental catalysts.

Fundamnetal: Partnership with the Graph Protocol

NEAR Protocol announced integration with The Graph Protocol, a service that excels in indexing and query layer for the decentralized web. The DeFi platform noted that the Graph would enable developers to build subgraphs (lists of useful information pulled from the blockchain), thus allowing its “Web3 infrastructure to develop more dapps.”

Also read: NEAR secures new all-time high amid NEAR Protocol's $800M Fund launch.

Additionally, Near Foundation announced that it would launch an $800 million fund, including a $100 million grant for startups looking to build dapps on the NEAR platform, and a $250 million grant to help existing projects, and regional funds focused on Asia, Europe, and the US

NEAR in bull pennant breakout

NEAR faced the prospects of rising 50% against the dollar as it broke out of what appeared like a Bull Pennant setup.

In detail, Bull Pennants feature two converging trendlines with a similar slope, reducing the price swing amplitude as the pattern progresses. They typically form after a surge and promise a continuation, equal to the previous uptrend (flagpole).

NEAR could gain an additional 50% after the bullish Pennant. Source: NEARUSD on TradingView.com
NEAR could gain an additional 50% after the bullish Pennant. Source: NEARUSD on TradingView.com

If the Pennant’s prediction pans out, NEAR could reach $17.4 in the upcoming sessions.

Also read: NEAR surges by 22% after launching Shard blockchain roadmap.

Despite the consolidation in the past three days, the digital asset traded above the $10.3 resistance line and retested it as support. It also kept above the 20-day exponential moving average (EMA-20), which the traders might take as a bullish sign.

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