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Cryptocurrency News by Tradecoind2
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[QUOTE="tradecoind2, post: 327803, member: 103239"] [HEADING=2]Could NEAR price increase soon thanks to NEARCON ’23 conference?[/HEADING] NEAR, the Layer-1 blockchain token, recorded a decline in price on November 7, however, on-chain metrics indicate that it is resilient. NEARCON 2023, an event bringing together Web3, DeFi and blockchain experts will take place today (November 7) and could prove a catalyst for NEAR’s recovery. [HEADING=1][B]NEARCON ‘23[/B][/HEADING] NEARCON, considered one of the biggest Web3 events of the year, took place in Lisbon on November 7. The conference ends on November 10, and the event features a week-long hackathon. The conference attracts developers, Web3, DeFi and blockchain experts and protocols built in the NEAR ecosystem. With the NEARCON conference taking place, NEAR prices recorded a decline of nearly 3% on the day, after rising 16% during the week. There is a possibility that this event turns out to be a “semi-truth” transaction, however, it is also possible that NEAR price recovers according to on-chain metrics. [HEADING=1][B]On-chain metrics point towards price recovery[/B][/HEADING] Three key on-chain metrics help determine NEAR price trends: Social dominance, development activity, and trading volume. [HEADING=1][B]Social domination[/B][/HEADING] Social dominance is an on-chain metric that shows an asset’s dominance in conversations on platforms like X. This helps determine the demand and relevance of an asset. Based on data from crypto tracker Santiment, NEAR’s social media dominance increased from 0.68% to 0.74% between November 4 and November 7. . The number of mentions of NEAR in conversations on social media platforms has increased and this strengthens the bullish thesis. [HEADING=1][B]Development activities[/B][/HEADING] Recent development activity in the NEAR blockchain has reached a three-month high, as seen in the chart below. With NEARCON, there has been a surge in developments on the blockchain, increasing correlation with NEAR’s bullish outlook. [HEADING=1][B]Trading volume[/B][/HEADING] There has been a consistent increase in NEAR trading volume over the past three months, increasing from $39.75 million on October 7 to 79.5 million on November 7. Trading volume nearly doubled in the past three months. last month, which can support the recovery thesis of NEAR price. At the time of writing, NEAR price is $1,536, which may start to recover soon. [B]Source:[/B] [URL unfurl="true"]https://tradecoind2.com/could-near-price-increase-soon-thanks-to-nearcon-23-conference/[/URL] [/QUOTE]
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