What to expect from the NEAR protocol after the strong performance in December

Early Wednesday, the NEAR protocol (NEAR) appears to be trading stable after making gains even amid bearish sentiment in the broader crypto sector after the market leader Bitcoin could not be held above the important level of USD 50,000 in the previous session. At the time of writing, NEAR / USD is trading at around $ 13.43.

NEAR has had a good week and will be one of the strongest performers out there in December. Over the past week, NEAR Protocol has increased in value nearly 35% – a remarkable gain considering that most of the market has seen sluggish moves as the leading coins BTC and ETH were not very attractive to buyers.

Pay attention to that DeFi-Growth of NEAR Protocol in 2022

One of the main reasons that added the value of NEAR was its integration with the Terra-Blockchainthat his leading Stablecoin TerraUSD (UST) into the NEAR protocol ecosystem. This move gave his DeFi skills a big boost, and while it is nowhere near the top spots on the DeFi board in terms of TVL, it looks promising to move up the rankings after this move.

Currently, the NEAR protocol ranks 33rd in terms of DeFi-TVL according to the data on Defi Llama with a TVL of over $ 120 million in its two DeFi-dApps Ref Finance and Meta Pool. With only two dApps on offer, the PoS blockchain network recorded an increase in DeFi TVL of over 24% in the past week after the introduction of UST.

Looking ahead, we could see NEAR making quite some headway, fueled by the growing interest in DeFi in the crypto marketplace. The Grant DAO des NEAR Protocol recently announced an investment in DEX DODO and selected it as the decentralized blue-chip exchange within its ecosystem. DODO is expected to receive $ 7.5 million in funding from the blockchain’s DAO and will leverage Aurora, NEAR’s EVM compatibility and scaling solution, for greater scalability and adoption.

NEAR / USD technical analysis

The latest analysis by the Coin Bureau offers an optimistic outlook for the NEAR protocol. In the latest YouTube video, the host of the show discussed how NEAR fundamentals coincide with the upward movement in prices. However, he warns that the price is a correction could experience some consolidation before taking off higher.

On the H4 chart of NEAR / USD, smaller moving averages as well as the MACD are showing sell signals for the time being. However, 100 EMA, 200 EMA as well as the stochastic and momentum indicators show a bullish tendency.

The price of NEAR Protocol is just below the pivot point at $ 13.65 and quite a long way from the immediate support at $ 10.91. We need to see more buyers enter the market for NEAR to test the pivot point and move higher.