- Near price rose by more than 5% on Wednesday.
- The token jumped after its integration in Nexo.
- Near Protocol recently integrated with Tokenproof.
Near Protocol’s token rose slightly on Wednesday even after most cryptocurrencies remained in the red. The token rose by 5% after a series of integrations in the network. It was trading at $1.1776, giving it a market cap of more than $1.1 billion.
Near joins Nexo
Near is a popular platform that created the Blockchain Operating System. It is a blockchain network that allows developers to build and distribute decentralized applications (dApps).
Near has been used to build hundreds of dApps because of its fast transaction speeds and low costs. According to DeFi Llama, Near has a total value locked (TVL) of more than $66.6 million. At its peak, it had a TVL of over $606 million. In NEAR terms, the token has a TVL of 55 million.
Near Protocol lost steam following the collapse of FTX and Alameda Research, which had invested in the company. Like Solana, NEAR lost momentum and some developers because of its association with Sam Bankman-Fried.
Near price rose on Wednesday after the developers partnered with tokenproof. The partnership will see Near enter the fast-growing industry of tokenization. NEAR will be able to connect their wallets to tokenproof to unlock online and IRL experiences.
The other important news was that it was integrated into Nexo’s ecosystem. This means that users will now be able to deposit and withdraw NEAR on the platform. This is important because Nexo is one of the most important players in the crypto industry.
Still, it is unclear whether Near price will continue rising in the coming days. This price action will depend on how Bitcoin trades. As I wrote here, Bitcoin has formed a bearish flag and a double-top pattern, pointing to a bearish breakout. If this happens, there is a likelihood that Near price will also drop.
Near price prediction
The daily chart shows that the Near price have been in a strong bearish trend after peaking at $2.8485 in February. Most recently, the token dropped below the key support level at $1.2982, the lowest level in July.
Near has dropped below the 50-day moving average and is now sitting at the key support at $1.2451, the lowest level on June 14th. Therefore, the coin will likely continue falling as sellers target the key support at $1.0. The stop-loss of this trade is at $1.30.
