Near Protocol (NEAR) is bullish against the present bearish market that has plummeted the price of top cryptocurrencies like Bitcoin and Ethereum. At the time of writing, it increased by 6.99% in the past 24 hours and was trading at $11.05. In the past year, Near Protocol has gained 111%.

One could ask why Near Protocol is experiencing this present bullish trend against the trend of most coins and tokens in the market that are bearish?

<em><strong>Some of the factors that could be responsible are:</strong></em>
<h3>Over a 100% increase in its trading volume in the past 24 hours</h3>
In the past 24 hours, the trading volume of Near Protocol (NEAR) rose over 104%. In other words, it is evident that there are a lot of trading activities, and the number of buyers and investors is high. In response, the sellers raised their prices to maintain the positive trend. It then caused an increase of $0.74 NEAR price in the past 24 hours. If this buying pressure is maintained, Near Protocol might maintain this bullish gain for some time.
<h3>The recent launch of Nightshade on the Near Protocol</h3>
Near Protocol, with its native token NEAR, was launched as a layer one blockchain project to meet some challenges that inhibit the growth of Cryptocurrencies in the cloud computing areas. Correcting the low transaction speed and ensuring Blockchain interoperability might be one way to achieve this. With the recent launch of Nightshade on the Near Protocol, developers and decentralized application (DApps) creators can enjoy high scalability of about 100,000 transactions per second (TPS). Consequently, 'NEAR' token demand increased when various DApps began to integrate Near Protocol on their platforms.
<h3><strong>Traders' reaction to a critical key level</strong></h3>
High trading volume always impacts the price positively. In a situation where both price and volume are positive, new psychological resistances are always surpassed. Traders are always very sensitive to those key levels, so they will apply a lot of buying pressure, making sure investors do not miss out on any bullish breakout on those levels.
<h3>Community sentiment</h3>
Due to a lack of knowledge about trading psychology, in a prominent bear market such as we are currently experiencing, many investors attempt to move towards any coins or tokens that are bullish. This sentiment in the community directly impacts the price of Cryptocurrency.
<h2>Conclusion</h2>
For these reasons, we saw the possible factors that might be responsible for the present trend of Near Protocol.

Near Protocol is Bullish Against the Market Trend

Chukwuemeka Raphael is an author and cryptocurrency news writer/analyst. As a Mathematics graduate and trained analyst, he combines his Math knowledge and strong reading culture in contributing content and analysis for the development of cryptocurrency and blockchain space.

Near Protocol is Bullish Against the Market Trend

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