Here is why NEAR is up more than 8% in the last 24 hours

The cryptocurrency market has been performing modestly over the past 24 hours, with most coins trading within the green zone.

 

The cryptocurrency market is recovering from the slumps it experienced earlier this week. The broader market has added less than 1% to its value, with the total market cap still above the $1 trillion mark.

Bitcoin continues to trade around the $23k resistance level despite losing less than 1% of its value in the last 24 hours. Ether is also trading around the $1,600 level and is also down by less than 1% today.

However, NEAR, the native token of the Near blockchain, is the best performer amongst the top 30 cryptocurrencies by market cap. NEAR has added more than 8% to its value in the last 24 hours.

The rally comes as the NEAR CON event continues. The NEAR Conference is currently taking place in Lisbon and showcases some of the best projects in the Near ecosystem.

Key levels to watch

The NEAR/USDT 4-hour chart has turned bullish as NEAR has been performing well over the past few days. The technical indicators show that NEAR could rally higher over the coming hours or days. 

The MACD line crossed into the positive zone a few hours, indicating that NEAR is currently in the bullish zone.

The 14-day relative strength index of 61 shows that NEAR could enter the overbought region if the momentum continues. 

At press time, NEAR is trading at $4.567. If the positive momentum is maintained, NEAR could rally past the first major resistance level at $4.831 before the end of the day.

However, it would need the support of the broader cryptocurrency market to trade above the $5 resistance level for the first time in months. 

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