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Near Protocol Price Prediction: On the verge of a major breakout

 


The near-protocol price remained near its all-time high as investors cheered the strong performance of its network. The token is trading at $16.64, close to its all-time high of $20 as investors await the launch of its stablecoin.


Near Stablecoin Launch

NEAR Protocol is a leading Layer 1 network that is seeing strong growth as investors embrace its sharding technology. Sharding is a technology that breaks blocks into smaller pieces known as shards, which helps them increase their throughput.


This month, the protocol raised $350 million from venture capitalists, including Softbank's Masayoshi Son. This fundraiser came a few months after the same developers had raised $150 million.


Another important development was that Sweatcoin's network was chosen. First off, Sweatcoin is one of the fastest growing fitness companies in the world. It uses multiple technologies to monitor people's steps and then reimburses them.


In the future, Sweatcoin will use Near's technology to launch its cryptocurrency. This was a notable move given Sweatcoin's popularity. It has over 10 million users.


Near Protocol is also expected to launch its stablecoin this month. The coin, which will be known as USN, will be similar to other stablecoins such as Tether, USD Coin and Tera USD. The goal is to ensure that the network has a good stablecoin that can help power decentralized exchanges built with its technology. In a recent statement, a NEAR executive said:


“ Right now, DAOs are outside of the regulatory realm, but we live in the physical world and understand how these new organizations will be mapped. We need to figure out how DAOs can interact with the traditional world. Also the security and feeling of security of the users when using this technology.”


The daily chart shows that the near price has been in an uptrend for the past few days. The coin is hovering near its all-time high and has moved above the 25-day and 50-day moving averages. Also, Near has formed what looks like a cup and handle pattern. It is currently in the Henkel phase. In price action analysis, this pattern is usually a bullish sign.


Therefore, there are chances that the near protocol price will continue to rise in the coming weeks. This view will only be confirmed if it manages to clear the USD 20 resistance. Here's how to buy cryptocurrencies like Near .


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