NEAR Protocol is a decentralized application platform designed to make the application usable on the web.
The network is also run based on a Proof-of-Stake (PoS) consensus mechanism referred to as Nightshade whose main purpose is to offer more stable scalability and cost.
Alex Skidanov and lllia Polosukhin are the founders of the NEAR Protocol and launched it in April 2020 with the start of a market distribution of 1 Billion NEAR tokens.
In addition, the purpose of NEAR Protocol development is to be used to process transactions and store data as well as run authentication nodes on the network using NEAR tokens.
Judging from the NEAR/USDT chart, the NEAR price movement is slightly horizontal (sideway) and moving slowly between the SBR (support become resistance) zone of $ 3.40 and the support level of $ 2.70 to trade around $ 3.
On the daily chart, it can also be seen the formation of the Symmetrical Triangle pattern which signals the possibility that investors need to wait for whether the price will pass the trendline resistance or trendline support for the next price direction.
If the price movement manages to break the resistance trendline, the NEAR price is expected to test the SBR $ 3.50 level before expecting to jump higher.
A higher rise will lead to the next SBR level around $ 4.25 and will signal to investors for the price to make a trend change.
If the price continues its downtrend and passes the support trendline, the NEAR price movement is expected to retest the $ 2.55 support level and remain in the bearish trend movement.
If the bearish trend more clearly dominates, the lowest support level around $ 1.70- $ 2.0 will be tested to assess whether the zone is able to support the price movement back making a bullish trend.
As of 11.30am local time, the NEAR price is still moving slowly and declining around 1% to trade at the $ 3 price level.
