NEAR is up by 10% on Monday: Here is why

NEAR is one of the best performers amongst the top 100 cryptocurrencies on Monday as the market starts the week on the front foot.

The cryptocurrency market has started the week on the front foot. NEAR, the native token of the Near Protocol, is one of the best performers amongst the top 100 cryptocurrencies on Monday.

NEAR has added 10% to its value today, outperforming the broader cryptocurrency in the process. The broader market added 1% to its value on Monday, with the total market cap still above $1 trillion.

Bitcoin has climbed above the $22k resistance level after rallying by more than 11% over the past seven days. Ether is down by more than 1% in the last 24 hours and is trading around $1,700 despite the Merge getting closer.

NEAR’s rally comes as the Near Protocol officially launches its NEARCON event today.

NEARCON is live! 🎉❤️‍🔥 Don’t worry if you can’t make it in real life – the livestream is here to bring #NEARCON to your home.

Watch it here: https://t.co/JkIlY1X49x

— NEAR Protocol | NEARCON.org | Lisbon | Sept 11-14 (@NEARProtocol) September 12, 2022

The event is taking place in Lisbon, Portugal, and is highlighting all the ways the Near ecosystem is growing. There will be talks, networking, workshops, live demos, entertainment, and more.

Key levels to watch

The NEAR/USD 4-hour chart is bullish as the Near Protocol has been performing well over the last 24 hours. The technical indicators show that NEAR is outperforming the broader cryptocurrency market.

At press time, NEAR is trading at $5.1712. The MACD line crossed into the positive zone earlier this month and continues to remain there, indicating strong bullish momentum.

The 14-day relative strength index of 71 shows that NEAR could enter the overbought region if the rally continues.

If the bulls remain in charge, NEAR could touch the $5.557 resistance level before the end of the day. The second major resistance level is around $6.16, and NEAR could reach that level for the first time since May if the rally can be sustained.