NEAR price is expected to break $10 in December, three reasons revealed
On August 22, the NEAR blockchain mainnet successfully upgraded to Nightshade 2.0, realizing network sharding. This is big news! Why can the price of NEAR soar to $10 or even higher?
There are three reasons:
Consumer-level applications are popular
After the mainnet upgrade, the NEAR blockchain has attracted a large number of consumer-centric decentralized applications (dApps). In particular, Cosmose AI's KAIKAI dApp has more than 45.7 million users! This shows that dApps built on NEAR are becoming more and more popular and more practical.
The rise of the Meme coin market
Meme coins are a magical thing. Ethereum, Solana, and Tron have all become popular because of this. Now, NEAR is also going to get a piece of the pie. Meme Cooking, the meme coin launch platform on NEAR, became popular as soon as it went online, locking up 11,000 NEAR ($54,000) in a few hours! Solana's meme coins added $8 billion to SOL's market value, and Tron also increased by $392 million.
Stablecoin transactions increased sharply
Since the beginning of this year, the stablecoin transaction volume on NEAR has skyrocketed by 800%, exceeding $2 billion in August! In addition, NEAR's stablecoin supply (USDC and USDT) has also reached $671 million, becoming the tenth largest blockchain. Stablecoins are important to the network, which can increase liquidity and make the network more useful. With more stablecoin supply, the price will go up.
So, can the price of NEAR break $10 in December?
NEAR formed a descending wedge and broke through the wedge resistance line at the end of September, which is a bullish signal! After the breakthrough, the price rose to $6, and then fell back to the current $4.67. Now there is a support level around $4.6, which is a little higher than the 50-day exponential moving average (EMA). If it rebounds from this support level, the price of NEAR may rise to $10!
Of course, NEAR may encounter some resistance at $8 during the rise. However, if the rise continues, it is not impossible for NEAR to break through $10 or even higher!
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