Why is NEAR up by 25% in the last 24 hours?

The cryptocurrency market is recovering from the slump it suffered earlier this week.

The cryptocurrency market has had a rough start to the week. Since the start of the week, the market has shed over $200 billion. However, it is slowly recovering, with the market rising by more than 1% in the last 24 hours.

The total cryptocurrency market cap currently stands above $2 trillion again. Bitcoin could target the $45k psychological level if the market can continue with this positive momentum.

Ether is also up by more than 2% over the past 24 hours and is trading above $3,200. 

NEAR, the native token of the Near Protocol is the best performer amongst the top 20 cryptocurrencies by market cap. The coin is up by more than 25% over the last 24 hours, outperforming the other major cryptocurrencies.

The major catalyst behind this move could be the launch of the Near Wallet Selector. The Near Protocol team announced the launch of the Near Wallet Selector a few hours ago.

According to the team, users can now select their preferred wallet in a pop-up, making interacting with the NEAR Protocol simpler and easier.

Key levels to watch

The NEAR/USDT 4-hour chart is currently bullish, thanks to the coin’s ongoing rally. The technical indicators show that NEAR is currently outperforming the broader crypto market.

The MACD line is above the neutral zone, indicating strong positive momentum for the cryptocurrency. The 14-day RSI of 64 shows that NEAR could soon enter the overbought region if the bulls remain in control.

At press time, NEAR is trading at $18.43. If the rally continues, it could surpass the first major resistance level at $19.90 before the end of the day. However, it would need the support of the broader market to break past the $21 resistance level.