Top 6 Projects Building for Chain Abstraction

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Jul 29 2024

NEAR-5.337%

GAS-5.09%

Should l Buy NEAR?

Chain Abstraction in Crypto: Chain abstraction is a growing trend in the crypto industry aimed at simplifying user interactions across multiple blockchains, allowing users to manage assets and transactions without needing to understand the underlying complexities of different networks. Key projects like Arcana, NEAR Protocol, Socket, Across, Everclear, and Particle Network are leading this innovation.
User Experience Enhancement: These projects focus on creating a seamless experience for users by integrating features such as unified wallets, gas fee abstraction, intent-based design, and modular architectures, ultimately striving to onboard the next billion users into the digital economy while minimizing the technical barriers associated with blockchain technology.

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Technical Analysis for NEAR

Technical Sentiment Analysis for NEAR Protocol (NEAR) As of , NEAR Protocol (NEAR) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for NEAR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, NEAR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

NEAR Protocol (NEAR) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.37	0.605	0.858	1.093	1.346	1.581	1.834
Fibonacci	0.605	0.792	0.907	1.093	1.28	1.395	1.581

About NEAR

NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform and that eliminates some of the limitations that have been bogging competing blockchains, such as low transaction speeds, low throughput and poor interoperability. This provides the ideal environment for DApps and creates a developer and user-friendly platform. For instance, NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism called “Doomslug.”NEAR Protocol is being built by the NEAR Collective, its community that is updating the initial code and releasing updates to the ecosystem. Its declared goal is to build a platform that is “secure enough to manage high value assets like money or identity and performant enough to make them useful for everyday people.”Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and Mintbase, an NFT minting platform are examples of projects being built on NEAR Protocol.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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