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NEAR Platform Active Users Soar – ‘Sweat Economy’ Boosting Token’s Price?

NEAR, the native token of decentralized application (dApp) platform and Ethereum competitor Near Protocol, managed to pump its price over the last 24 hours.

According to tracking from Coingecko, at the time of writing, the crypto is trading at $2.98 and was up by 1.2% on its intraday price.

The altcoin, however, is still reeling from significant losses as it is still down by 15.4% over the past week and is -14.6% for the past 14 days. On a month-to-date scale, the coin is down by nearly 30%.

But as bleak as the situation may be for the altcoin, hope is not lost as Near Protocol’s recent developments and activities could help the asset mount a bounce back rally.

Near Protocol Active Users Increase

Renowned crypto analytics firm Messari shared on Twitter that the protocol outperformed many of its competitors with the help of the “Sweat Economy.”

Sweat Economy, much like the STEPN, is a move-to-earn fitness application which enable users to earn tokens just by moving their body.

The platform of native token NEAR also recorded a massive surge in terms of active users, indicating growing interest for the dApp and maybe its governance crypto.

During the NEARCON 2022 in Lisbon which showcased the best of NEAR ecosystem and community, it was revealed that there are now 20 million accounts, doubling the 10 million user count in July this year.

Sweat Economy accounted for 14 million new users that entered the Near Protocol with their own move-to-earn app.

With the tremendous growth, NEAR has once again proven it can welcome millions of users across more than 800 apps running on the protocol without a hitch.

Price Prediction Not Looking Good

The recent success being enjoyed by the Near Protocol is one hope its native token, NEAR, is counting on to get out of its current slump.

But things will take a turn for the worse for the crypto asset, as Coincodex predictions point at another price dip.

The online crypto data provider predicts the altcoin will fall to $2.65 over the next five ways. Meanwhile, the 30-day forecast for the cryptocurrency is more bearish as the asset could fall all the way to $1.22.

NEAR has 25 indicators that signal bearish momentum for the crypto which scored 20 on Fear and Greed Index, suggesting there is extreme fear towards the altcoin.

NEAR market cap at $2.5 billion on the weekend chart | Featured image from Freepik, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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ATOM Maintains “Market’s Biggest Mover” Tag, Sustains 4-Month High

Cosmos’ native crypto continues its bullish run up to a 40% bullish gain while other cryptos ebb and flow; NEAR follows with a multi-week high.

The native coin of Cosmos protocol, ATOM continues to move upward, hitting new highs every day. At the time of writing, the crypto is trading at $14 after briefly hitting $16 earlier today. It had hit a 4-month high of $13.92 on Thursday amidst the broader crypto market bounce back.

That was after the Wednesday dip when ATOM price dropped to just below $12. Ever since the $6 dip in the middle of June, Cosmos token (ATOM) has been on an upward gliding triangle. Notably, ATOM has broken the Relative Strength Index (RSI) barrier and briefly hit $16.

Related Reading: TA: Bitcoin Price Trims Gains, Why $20K Is The Key To Fresh Increase

As of Thursday, crypto sites were still speculating if ATOM would hit the $15 mark as it continued to rise. Most of these sites opined that it would have to break its Relative Strength Index (RSI) barrier to achieve that. According to them, this hurdle would appear as a ceiling at 63.30. 

However, ATOM cleared the barrier early this morning, trading at $16 before dropping to its current price, $14. This bullish run makes it a 40% gain ($10) within the space of 3 months.

Other Cryptos Rally in The Wake of Sell-odd On Wednesday

Additionally, this event comes alongside the wider market rallying from the ongoing massive crypto sell-off. The increasing strength of the dollar impacted crypto values negatively, causing a considerable market sell-off. This drove the price of tokens, like Ethereum Classic and  Aave, to drop dangerously. ETC dipped by 12%, while Aave dropped by 7% on Tuesday. Another crypto Celsius fell by 11% as well.

However, by Wednesday afternoon, the affected coins were on the rise once again. In fact, Aave was trading at a higher position than before the dip. Analysts traced this recovery to a sharp drop in the US dollar Index around the same time.

ATOM’s price is currently trading above $14. | Source: ATOMUSD price chart from TradingView.com
NEAR Protocol Is Not Left Out In The Bullish Run

Another remarkable protocol amid these market movements is the NEAR network which reached a multi-week high coinciding with ATOM’s surge. Still, the NEAR token didn’t break its own hurdle remaining in the same $5 range. The token is currently trading at $4.55, according to data from Tradingview. 

Related Reading: Bitcoin Takes A Blow After It Falls Below $22,000, Any Chances For A Bull Run

Nonetheless, COSMOS’ ATOM remains the “Biggest Mover” on the market at the moment. Amidst market volatility, the token continues to make significant headway. While other cryptos struggle with volatility from the rising US dollar index, the crypto has hit a 4-month high. As a result, ATOM has earned applause from numerous crypto sites.

Featured image from Pixabay and chart from TradingView.com

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NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume

NEAR Protocol is looking bullish as it darts past the $4.7 support zone.

  • NEAR’s bullish momentum appears to wane
  • Price exhibits low trading volume
  • NEAR price trading at $4.51

However, judging by the price movement, it looks like the bull’s luck may be running out.

On the other hand, NEAR’s trading volume appears to be diminished or low even if the altcoin has amassed roughly 35% gains in that same period. So, does this mean a faltering demand for NEAR?

From a long-term perspective, NEAR’s resistance and support levels could be anywhere near the $3.7, $4.5, and $6.8 levels; respectively.

Originally, the $6.8 zone acted as a support zone in May however the selling pressure has been too overwhelming to control. This level was again retested late in May, but with no luck.

$6 Level Posing Hurdles To NEAR Price

In the coming weeks, it’s more likely that the $6 level would hoist some hurdle to the price. More so, the $4.7 area is another critical support level as this zone has been pivotal on the daily chart since June and July.

While breaching this zone was phenomenal for NEAR protocol, August was rather unkind with a reversal and a seismic price crash.

NEAR’s RSI has been pushed above the neutral 50 zones following a rejection experienced last month. Despite the bullish movement, buying pressure has weakened. More so, the OBV also remained sluggish with unfortunately no new highs formed.

Now, if the OBV can successfully breach and surpass its high registered in August, then this would validate the strong demand for NEAR Protocol. Additionally, the Chaikin Money Flow or CMF has also barreled past +0.05 revealing NEAR’s huge capital flow.

More Buying Activity Needed

Overall, technical indicators show some bullish movements and intense buying activity but may not be enough to validate a move that overshadows the $6.8 zone.

According to CoinMarketCap, the NEAR price has slumped by 9.05% or trading at $4.51 as of this writing. The current stats have been optimistic and are quite the opposite of NEAR’s remarkable performance over the past few days where the altcoin has registered an uptick of 9.5%.

Trading volume is seen to have increased by as much as 36% compared to its slow movement last week.

NEAR total market cap at $3.36 billion on the daily chart | Source: TradingView.com

Featured image from The Market Periodical, Chart: TradingView.com

 

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TA: Near Protocol Struggles To Break Out Despite Relief Bounce

Despite the relief bounce across the crypto market with the likes of BTC, ETH, and OP, surging high, Near Protocol has struggled to break out.

Near is one of the many blockchain solutions with good use cases trying to provide solutions to Ethereum scalability, bridging, and contributing to the DeFi space.

Near has struggled to break above its ranging channel despite being a favored coin in the crypto space.

NEAR Weekly Chart

After reaching its All time high (ATH) of $20.1 in January 2022, Near had struggled with its downtrend when the market became bearish, with major coins falling by 80%.

Near its ATH of $20.15, it has fallen by over 75% to a region of $3.0. As of writing, NEAR is trading at $4.2, close to a major resistance before it breaks to the upside.

NEAR Weekly Chart Analysis | Source: NEARUSDT On Tradingview.com

The weekly chart for NEAR shows it is facing major resistance of $4.73 after a reversal from the low of $3.0

Breaking out of this resistance would send the price of NEAR to a region of $6.4 – $7

Weekly resistance – $4.73

Weekly support – $3.0

ATH – $20.1

Daily Chart Analysis Of NEAR 
NEAR Price Analysis On The Daily Timeframe | Source: NEARUSDT On Tradingview.com

Major support level on the daily chart (1D) – $3, $1.8

Major resistance on the daily chart (1D) – $4.72

NEAR on the daily chart shows not much buying or selling activity, just in a range or channel that needs to be broken to the upside or downside.

The volume on the 1D  chart shows less buying and selling with the relative strength index (RSI) above the 50 mark area.

If the bulls can step in and push NEAR to the upside, then the range at which NEAR is trading will be broken, sending the price to $6.0

If the price of Near is broken to the downside by bears, $3 – $2.8 are acting as strong support that has held NEAR throughout the downtrend and can be seen as a major support area.

For investors applying a dollar cost average strategy, this could be a good accumulation level. Dollar Cost averaging is a strategy employed to buy crypto assets with a sum of money in bits over time or a strategy used to buy crypto assets at market levels as the assets make reversals.

NEAR Price On The 4H Chart
NEAR Price Analysis On The 4H Chart | Source: NEARUSDT On Tradingview.com

On the 4H chart, NEAR looks similar to the chart on the 1D timeframe, just ranging and trying to break above the resistance region. NEAR, in general, looks good based on a fundamental crypto market analysis.

With current market conditions, it will be worth accumulating for the bull run as it has so much potential for the upside.

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Terra Users Heads Up, Why NEAR May Launch Native Stablecoin With A 20% APR

Crypto Insiders founder Zoran Kole revealed the possible launch of a Near Protocol native stablecoin. Via a substack post, Kole claimed the digital asset will be announce on April 20 as an algorithmic stablecoin called USN.

Related Reading | TA: Terra (LUNA) Surges, Is It Eyeing A Correction Now?

The digital asset will be deployed in cooperation with “other well capitalized stablecoins”, according to the post. At the time of writing, there seems to be no official announcement other than this post and speculation from the crypto community.

Therefore, users might want to take this potential launch with a grain of salt. In addition to the USN allege launch, the stablecoin could possibly offer a 20% Annual Percentage Rate (APR) on a product similar to the Terra ecosystem’s Anchor Protocol.

This product enables users to stake their stablecoins, in the form of Terra’s native UST, and leverage a 19% APR. If the launch is executed, Near could gain an edge against Anchor and similar products on the decentralized finance (DeFi) and centralized finance (DeFi) sector.

Kole wrote the following on the implications of a native stablecoin on Near, as he argued in favor of a bullish thesis for this protocol:

They will offer an extremely attractive ~20% APR, which will ignite DeFi capital rotation into the Near ecosystem, siphoning the total value locked from other alternative layer-one protocols.

Data from DeFi Llama records a $29 billion in total value locked (TVL) for Terra. In contrast, Near records $300 million in total value locked (TVL).

In terms of market cap, the contrast is similar as Terra stands at $40 billion and Near at $10 billion. Kole argues that the launch of an algorithmic stablecoin will contribute to Near increasing its market cap and surpass Terra.

Near To Destroy The Competition

Th USN revelation was part of a bigger study on the Near Protocol and its potential to take market share over its competitor in the long-term. Therein, Kole compared this protocol with a live version of the upcoming Ethereum 2.0.

Kole believes Near is superior to ETH 2.0 and other layer-1 blockchains in terms of scalability, and incentives that could boost its adoption.

Data shared by Kole from Electric Capital indicates that Near is one of the most active network in terms of development. As seen below, this network’s monthly active developers far surpass those on Cardano, Binance Smart Chain, Tezos, Avalanche, Terra, Algorand, Fantom, and Internet Computer.

Source: Zoran Kole

Kole believes this trend will continue as the network has the advantages of ETH 2.0 and its own Ethereum Virtual Machine (EVM) network. This will support the network’s growth in terms of activity and usage. Kole concluded:

This will lead to a comparison of Near to Terra ($LUNA) as the narrative for attractive stablecoin yields proliferates. Terra currently has a market capitalization of approximately $40 billion while Near sits at $10 billion. The catalysts above will strengthen Near’s fundamentals in both the short and long term and likely cause its market capitalization to appreciate by 100% at minimum over the next few months.

Related Reading | Terra (LUNA) Surpasses Ethereum Becoming Second Most Staked Asset

At the time of writing, NEAR trades at $16 with a 1% profit on the 4-hour chart.

NEAR trends to the upside on the daily chart. Source: NEARUSDT Tradingview

 

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Here Are The Crypto Leading The Market Recovery With 50% Gains

The crypto market has managed to sustain its bullish momentum and reclaimed the $2 trillion market cap. Bitcoin and Ethereum seem to have pushed the market from the mid $30,000, and to its current levels.

Related Reading | Only In Crypto: A Croissant Explains Ethereum Hottest Trends Post Merge

The first and second crypto by market cap has seen a surge of new bullish narratives. The upcoming “Merge” and Bitcoin has pristine collateral seem to have provided additional support for the current momentum.

Both ETH and BTC recorded around 17% profits in the last week, as the crypto market moves upwards. However, Delphi Digital recorded layer-1 cryptocurrencies with gains surpassing 50% in a 30-day period.

Near (NEAR) stood among the latter and led the current market recovery, followed by Polkadot (DOT), and Terra (LUNA). As seen below, Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos Hub (ATOM), and others were in the best performer group.

Source: Delphi Digital via Twitter

Delphi Digital noted the following on NEAR’s current bullish momentum:

NEAR led the L1 recovery by growing by ~50% over the past month, a significant lead against the rest. The outperformance over the past week was catalyzed by the Bastion Lockdrop, which attracted $293M in capital. NEAR, WBTC, ETH, USDT, USDC were available to be locked for 1-12 months.

Avalanche (AVAX) records a 10% profit in the last week with a 37% profit in two weeks. In addition, Avalanche records an explosion in daily active users in a 6-month period.

This metric has been hovering around 100,000 since Q4, 2021. This suggests a growing interest for Avalanche as the price push to the upside. Delphi Digital noted:

When looking at the delta in this data, the strong relationship between AVAX price and active addresses immediately becomes recognizable. It is not often that price increases sustainably without metrics such as TVL and daily active addresses also increasing.

Source: Delphi Digital via Twitter
What Could Add More Fuel For This Crypto Rally

In the short term, the crypto market could see a brief pullback. Indicators point to overbought levels across the board, but bulls have been able to preserve their strength.

According to Delphi Digital, the long to mid-term could stay in the green for Avalanche (AVAX). In addition to its fundamentals, the crypto platform recently launched a $290 million multiverse incentive program, and it will be integrated with Terra.

The moon is coming to #avalanche in force, and next week we will show you just how much 🌕@avalancheavax @terra_money 🪄

— Do Kwon 🌕 (@stablekwon) March 18, 2022

The research firm believes the biggest AVAX catalyzer is the implementation of its subnet functionality. This should increase Avalanche’s use case and scalability and potentially inject more conviction into a double-digit rally. Delphi Digital noted:

Important to keep in mind is that each subnet validator must also be a validator in Avalanche’s primary network. This means each subnet validator generates additional demand for staking AVAX, which should improve value accrual for AVAX as subnet adoption grows.

Related Reading | Terra (LUNA), Quant (QNT) Pull Up As Avalanche (AVAX) Nosedives

At the time of writing, AVAX trades at $94 with sideways movement on the last day.

AVAX with bullish momentum on the daily chart. Source: AVAXUSDT Tradingview

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Terra’s UST Becomes First Decentralized Stablecoin To Surpass $10B Market Cap

It’s safe to say that DeFi is booming lately – and Terra’s stablecoin UST has swiftly emerged as a powerhouse player in DeFi, swimming among of sea of centralized tokens such as Tether’s USDT and Circle’s USDC.

DeFi is wholeheartedly embracing UST, and new protocol integrations are popping up faster than most can keep up with, leading UST to surpass decentralized competitor DAI.

Let’s take a look at the recent growth for Terra and UST, and what we can expect from the stablecoin – and the broader Terra Luna ecosystem – looking forward.

Terra’s On A Tear Lately…

First and foremost, UST has been gaining substantial traction from more casual stablecoin holders who want to maximize their yield potential while balancing platform risk. Terra’s Anchor Protocol has served as a tool that many have turned to in recent months for exactly that; Anchor has offered a consistent ~19.5% continually compounding yield on UST while CeFi platforms like Celsius or BlockFi have been less aggressive in stablecoin rates (Celsius, for example, reduced it’s stablecoin yield rates in December from north of 10% to around 8.5%).

This has opened the door for moderate-risk stablecoin holders to give Anchor a try. Just take a look at the growth in recent months from both depositors and borrowers on the Anchor Protocol platform:

Related Reading | Billionaire Ricardo Salinas: Forget Fiat, Buy Bitcoin Instead

New Integrations

New platform and protocol integrations have been rolling out at a rapid pace. Our team at NewsBTC covered a deep-dive this week around the NEAR Protocol’s support of UST, and Binance rang in the holiday week last week with new UST support for BTC, USDT, and BUSD trading pairs.

Additionally, UST continues to find new protocol integration across the traditional DeFi landscape: chatter has been abundant around Abracadabra.Money’s new “degenbox,” a yield-generating strategy that allows user’s to leverage their stablecoin UST with Abracadabra’s now infamous Magic Internet Money (MIM).

Of course, we can’t leave out Astroport, a Terra-native Automated Market Maker (AMM) that is in early stages – but has already fielded over $1B worth of capital inflows. These developments have led to Terra’s native platform token, LUNA, to reach record highs. LUNA incurs $1 USD worth of burn with every UST minted, leading it to be an elastic (but lately, deflationary) token.

For more on Astroport and LUNA’s skyrocketing movement lately, check out NewsBTC’s report last week around exactly that. In all, if Q4 2021 is any indication, there’s plenty for LUNA holders, UST yield generators, and Terra Luna watchers alike to be excited about as we head into 2022.

Terra Luna’s LUNA token has seen substantial growth in December, in part fueled by greater adoption and integration of the UST token throughout DeFi protocols. | Source: LUNA-USD on TradingView.com

Related Reading | UAE Authorities Announce New Stringent Measures Against Crypto Scammers

Featured image from Pexels, Charts from TradingView.com
The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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NEAR Records 70% Rally On Terra Integration, Will It Close The Year In Profit?

During December, highly scalable blockchain Near and its underlying asset has experienced an important rally. Coming in hot from a monthly low at around $6, the NEAR token currently trades at $15,37, close to its all-time high north of the $16 mark.

NEAR trends to the upside in the 4-hour chart. Source: NEARUSDT Tradingview

In the past 7-days, according to data from Coingecko, NEAR has record a 71.5% rally and an 87.4% increase in the last 30 days. The team behind the protocol has been announcing improvements and partnerships that have contributed with this token’s trend to the upside.

Related Reading | LUNA Hits ATH After Astroport’s Deployment, Why Terra Could Continue Growing In 2022

Terra’s UST stablecoin integration with NEAR and the Aurora ecosystem has been a highly expected event by users. Per an official post, the integration was facilitated by a partnership with NearPad, an Aurora DeFi gateway, and Rose, a liquidity and stableswap borrowing protocol running on the same ecosystem.

The team behind NEAR believes the partners will be able to strengthen the Terra ecosystem and stablecoin UST as they become more adopted on Aurora. In that sense, users will have several new use cases that will be able to leverage including moving assets from Aurora to Terra or any other compatible blockchain.

Users will be incentive to participate and to provide UST liquidity on the aforementioned ecosystems. Aiden Knox, founder of NearPad and Rose claimed the following on this integration:

Partnering with Terra to bring UST to ecosystem to our community will be a big step towards growing the Near and Aurora ecosystem. I’m excited to be working closely with the Terra team to not only bring UST to NearPad and Rose, but also for the deeper integrations and collaborative projects this partnership enables.

NEAR To Support One Of The Fastest Growing Stablecoins

The Near protocol has been working on its interoperable capabilities as the project aims to support a “multi-chain future”. In that way, users will be the most benefits as more use cases, and applications become accessible, and they can reach any asset or projects in different networks. Co-Founder of NEAR Illia Polosukhin said:

NEAR has been built for simplicity, security and scalability. Stablecoins like UST provide a simple interface to store value and interact with apps which need to use a stable unit of account.

Recently, the Terra ecosystem implemented several major upgrades on the mainnet with provides it with interoperability, and a burning mechanism for its underlying asset, LUNA. As NewsBTC reported, this network has taken the crypto industry by storm.

Related Reading | Terra Begins LUNA Burning, Why It Could Target $140

In addition, Do Kwon, one of Terra’s founders, recently celebrated the expansion in UST as the stablecoin reached a $10 billion market cap. Thus, it has become the largest decentralized stablecoin which demonstrates, according to Kwon, that “there is no more doubt in the product market fit”.

Congrats to @terra_money on reaching $10bn outstanding. Amazing achievement, but will seem small compared to what will be accomplished in the coming years.

Long live decentralized stablecoins. Long live @terra_money. https://t.co/3Uz2ZYFAWz

— Peter Johnson (@TheChicagoVC) December 26, 2021