NEAR protocol announced On Twitter that they had partnered with Google Cloud. According to the official statement, the partnership was formed so that network developers who had received grants could more easily create and deploy Web3 projects and decentralized applications (dApps). Now you wonder, how did the market react to this new partnership?

Direct impact?

The announcement may have had a beneficial effect on price activity, as evidenced by the daily time frame. According to the chart, NEAR’s price rose just over two percent between its opening and closing prices on October 5.

The stock opened at $3,623 and closed at $3,696. Additionally, a high of $2,729 was seen during the same period. Looking at the volume indicator, the number of transactions in this period was quite close to eight million. This was the highest since early October.

Source: TradingView

There were some tests near the $3.45 support level on the daily time frame, and there was resistance in the $3,978 price area. Apart from the slight price increase, there have been no discernible price movements in the past.

As a result, price action on the daily timeframe has seemingly been sideways for the past few weeks.

A look at the chart revealed a line just below the neutral point on the Relative Strength Index indicator. This was indicative of a bearish trend, but not particularly strong. This can also be seen from the Awesome Oscillator indicator on the daily time frame.

Weekly price movement

If we look at NEAR’s price action on a weekly timeframe, we can see that after a downward trend from roughly May to June, it has been trading sideways ever since.

The weekly chart revealed that the $3,722 area offered support, but it was being tested. If this level does not support, a new level can form.

Indicators of resistance were seen in the $6,237 area with no potential test in sight. A weekly gain of more than 5% was also shown on the chart.

Source: TradingView

Statistics obtained from DefiLlama showed that the platform saw a 0.26% increase in Total Value Locked (TVL) in the past 24 hours.

The information obtained also showed that the TVL was more than $270 million, less than the more than $400 million secured in June.

The TVL decline may be attributed to the bear market. The TVL could also see an increase as more projects are sent on the network.

Source: DefiLlama

The $3.7 price area on the weekly timeframe appears to be the closest resistance point. In the near term, a breach from this level could signal an uptrend and a possible challenge to the $3.9 resistance area.

Several initiatives with unique capabilities will be launched on the network thanks to the financing offer and partnership with Google Cloud. As a result, this could have a constructive effect on the price of the alt and long-term holders may be able to smile again.

This post NEAR holders should check this stat before taking any profit

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