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Near Protocol Price is Soaring as it Gets Severely Overbought

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Near Protocol price has started the year well. The token’s price surged to a high of $1.8600, the highest level since November 2022. It has jumped by more than 47% from the lowest point in 2022. So, what next for the Near token?

What is Near and why is it rising?

Near Protocol is a leading blockchain project that aims to become the best alternative to Ethereum and Solana. It is a well-funded network that has advanced features, including fast speeds, high interoperability, and low transaction costs.

Near uses a technology that Ethereum hopes to adapt in the coming months. It has been transitioning into a fully-sharded network. Sharding is a technology that makes a network faster by reducing the number of blocks into smaller pieces. 

Near Protocol has been used to build several blockchain projects in all industries, including decentralised finance (DeFi), Non-Fungible Tokens (NFT), and the metaverse. Developers are attracted to its network because of its low transaction costs and the friendliness of its platform.

Near Protocol price crashed hard in November when FTX collapsed. At its peak, FTX was the second-biggest cryptocurrency exchange in the world with over 9 million customers and a valuation of over $32 billion. FTX was owned by Sam Bankman-Fried who was also the owner of Alameda Research.

Through Alameda, SBF invested in hundreds of companies. Near Protocol was one of them. Therefore, when the companies filed for bankruptcy, most holders of these tokens sold them. The fear is that FTX will be forced to sell these coins during its bankruptcy.

In a statement on Wednesday, FTX said that it had found new $5 billion in liquid assets that it could sell. Analysts believe that some of these liquid assets could be in the form of Sam coins like Solana and Near.

Near Protocol price prediction

NEAR Protocol Price

The four-hour chart shows that NEAR price has been in a strong bullish trend in the past few weeks. It rose above the important resistance level at $1.766, which was the highest point on December 13. The token rose above the 25-day and 50-day moving averages. Oscillators have moved to the overbought level.

Therefore, I suspect that the token will continue rising as buyers target the next key resistance level at $2. A drop below the important support level at $1.7 will invalidate the bullish view.

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Livepeer Price is Soaring: Here’s Why it Will Recoil Soon

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Livepeer

Livepeer price drifted upwards on Friday as investors moved to video-focused tokens. LPT price soared to a high of $10.3, the highest point since November 8 of this year. It has jumped by more than 164% from the lowest point in December. 

What is Livepeer? 

Video is a major industry that is currently dominated by large centralized platforms like Vimeo and YouTube. These platforms work well because of the vast amount of money the companies have invested in video infrastructure. 

However, some industry players believe that the industry is ripe for disruption using the blockchain technology. Some of the leading players disrupting the video industry is Livepeer and Theta Network. Instead of relying on centralized servers, these networks rely on thousands of distributed servers.

The network works in a relatively simple approach. The video broadcaster comes up with a video content and then distributes through a distributed network. 

Livepeer has been used to build several decentralized video platforms in the industry like Xeenom, Bonfire, Kavarii, and LiveSpace among others. For example, Lenstube is a decentralized and open-source video-sharing social media platform while The Lot Radio is an independent online radio that streams on a 24/7 basis.

However, there are concerns whether Livepeer and similar platforms are needed in the first place since centralized ones like YouTube, Rumble, and Vimeo work just…

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Solana Price Forms Triple-Top as DeFi and NFT Volume Soars

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Solana price has formed a bearish chart pattern as Solana’s ecosystem makes a stunning comeback. SOL/USD was trading at $24 on Friday evening, which was a few points below the year-to-date high of $26.50. It has soared by more than 206% from the lowest level in 2022.

Solana DeFi volume rebounds

Solana TVL

Solana, once a popular blockchain, came under intensure in November, following the collapse of FTX and Alameda Research. In addition to FTX Token, it was the most exposed cryptocurrency in FTX since the company was one of its key funders.

FTX and Alameda also had a major role in Serum, then the biggest DeFi protocol in the ecosystem. Serum made it possible for investors to earn yield in Solana. Serum collapsed because its public key was controlled by FTX. 

In the aftermath of this collapse, Solana saw its total value locked (TVL) plunge from more than $12 billion to less than $400 million. Serum, which had a TVL of more than $1 billion has collapsed. And in its place, the developers are working on a new product known as OpenBook. However, it has not gained much traction as its TVL stands at $4…

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Ethereum Price Outlook as the DXY Index Crash Continues

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Cryptocurrency prices remained in an upbeat tone on Thursday as the US dollar index continued its bearish move. Bitcoin, the biggest cryptocurrency in the world, rose to $23,165, the highest level in months. Similarly, Ethereum has risen by more than 4% in the past 24 hours while BNB Coin and XRP surged to $307 and $0.41, respectively. 

US dollar index retreats

Cryptocurrencies have an inverse relationship with the US dollar index. For example, the DXY, which looks at the performance of the greenback vs other currencies, soared to a 20-year high of $115 in 2022. As that happened, cryptocurrencies like Bitcoin plunged during the year.

The foundation of this relationship is the Federal Reserve. In most periods, the US dollar index tends to rise when the Fed is extremely hawkish and vice versa. And it was extremely hawkish in 2022 as it hiked interest rates by more than 400 basis points. 

Therefore, while the Fed has remained hawkish recently, the US dollar has dropped because of what the data is saying. Data published recently showed that America’s inflation is easing. The closely watched consumer price index dropped to 6.5% in December while core inflation fell to 5.7%. 

At the same time, other parts of the economy are showing that the American economy is indeed recoiling. Retail sales dropped sharply in December while many…

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