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NEAR Strong Rebound Seen As Crypto Registers 8% Spike In Last 24 Hours

NEAR, the native token of the public proof-of-stake (PoS) blockchain Near Protocol, dumped more than 50% of its current monthly high of $3.42 that it achieved on November 6.

It seemed like a recurring theme for the digital asset which, in the middle part of the month, shed 53% of its August 20 value.

This is not surprising considering many altcoins were not spared from the lingering effects of the crypto winter that was compounded by the sudden collapse of FTX.

Although it still has ways to go, NEAR seems to be slowly getting back on track, tallying an increase of almost 8% over the last 24 hours to trade at $1.60 according to tracking from Coingecko.

Given the current market conditions, the high discount that the digital asset offers right now (its price has gone down by 55% from its monthly high) is very enticing for investors looking for viable entry point. 

NEAR Blockchain Partners With Famed Rating Platform

Near Protocol recently announced its newly forged partnership with ESG Dao, a rating protocol that measures the true impact of companies, people and societies.

Although additional details are not available at the moment, the tie-up between the two organizations is said to focus on the development of an improved ESG rating system.

For its part, the blockchain network is looking at this development as a proof of its successful move towards its sustainability agenda and will definitely highlight its growing ecosystem that aims to thrive on real-world utility.

The news might have been enough to trigger an upward movement in NEAR price but it failed to push network development activity numbers up, still within the lowest monthly levels ever recorded.

This is not a good sign for the crypto asset and the blockchain as low development activity usually leads to low investor confidence.

What To Expect From NEAR In The Next Few Days

According to the forecast of Coincodex, the NEAR token will slightly increase its current spot trading price as it is predicted to hit $1.62 on December 5.

Meanwhile, on December 31, right before the year ends, the crypto asset will trade at a significantly lower value of $1.05.

One important thing to consider right now is that NEAR is within the range of its historic low which indicates that there might be a possibility for a bounce back in the coming days.

However, as some of its metrics point towards a bearish momentum, investors are strongly advised to keep an eye on the asset’s blockchain development as it could prove to be an integral factor for a bull run to happen.

NEAR total market cap at $1.39 billion on the daily chart | Featured image from BingX Blog, Chart: TradingView.com

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TRON Total Number Of Accounts Hit Nearly 120 Million, Weekly Report Shows 

TRON, the native cryptocurrency of the blockchain network bearing the same name, continues to struggle as it fails to break free from its bearish momentum.

According to tracking from Coingecko, the 16th largest cryptocurrency in terms of market capitalization is trading at $0.050 at the time of this writing.

For the past seven days, the altcoin has dropped by almost 10% while over the last two weeks its value has declined by 20.2%.

On a month-to-date gauge, the digital asset has dumped 17.8% of its spot trading price, painting its entire chart in crimson.

However, while TRON remains unsuccessful in initiating a bullish run to reclaim higher trading session prices, its network is performing relatively well as the protocol was able to post impressive numbers last week.

TRON Network Activity Remains Upbeat Amid FTX Crisis

TRON DAO, the official Twitter account of the blockchain network shared some of the highlights of the protocol’s performance for the period of November 7 to November 13.

At the conclusion of the specific timeframe, the total number of accounts associated to the blockchain reached 119,949,499 while the overall tally for transactions facilitated over it hit the 4.19 billion mark.

TRON’s blockchain height surpassed the 45.83 million and its Total Value Locked (TVL) peaked at $12.3 billion.

It is important to note that this impressive growth in both network activity and value happened during the same week when the crypto space was ravaged by the negative effects of the collapse of the FTX crypto exchange platform.

Following Binance CEO Changpeng Zao’s decision to back out of initial plans to buy the exchange after the announcement of selling all of its FTT tokens, the crypto market was instantly painted in red as Bitcoin, Etheruem and the rest of the altcoins experienced severe price dumps.

TRON Founder Gives His Take On The Future Of NFTs

During a recent interview, Justin Sun, the founder of TRON, expressed his ideas about the current situation of the non-fungible token (NFT) industry.

According to Sun, sadly, the current generation of NFT tokens doesn’t offer much in terms of utility and that this is something that needs to be addressed if this particular digital asset class hopes to grow exponentially in the near future.

He emphasized his point by saying that during this important segment of Web3 development, these customizable tokens will be the focal point of many advancements and projects.

For its part, TRON seems to be doing well in this department as its NFT ecosystem also managed to record an uptick in terms of trade count and trade volume.

TRONUSD trading at $0.05157304 on the weekend chart | Featured image from Coin Edition, Chart: TradingView.com

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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.