The Near Protocol price held steady close to its all-time high as investors cheer the strong performance of its network. The token is trading at $16.64, which is close to its all-time high of $20 as investors wait for 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 boost their throughput.
This month, the protocol raised $350 million from venture capitalists, including Masayoshi Son of Softbank. That fundraise came a few months after the same developers raised $150 million.
Another major development was that the network was selected by Sweatcoin. For starters, 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 future, Sweatcoin will use Near’s technology to launch its cryptocurrency. This was a notable step because of the popularity of Sweatcoin. 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 like Tether, USD Coin, and Tera USD. The goal is to ensure that the network has a good stablecoin that can help to power decentralized exchanges built using its technology. In a recent statement, a NEAR executive said:
“Right now, DAOs are beyond regulation territory but we live in the physical world and understand how these new organizations will map. We need to figure out how DAOs can interact with the traditional world. Also, security and making users feel safe using this technology.”
Near Protocol price prediction
The daily chart shows that the Near price has been in an uptrend in the past few days. The coin is hovering near its all-time high and it has moved above the 25-day and 50-day moving averages. Further, Near has formed what looks like a cup and handle pattern. It is currently in its handle section. In price action analysis, this pattern is usually a bullish sign.
Therefore, there is a likelihood that the Near Protocol price will continue rising in the coming weeks. This view will only be confirmed if it manages to move above the resistance at $20. Here’s how to buy cryptocurrencies like Near.