close protocol (CLOSE) has rebounded almost 30% after announcing on April 6 that it had raised $350 million in a funding round led by Tiger Global, a New York-based hedge fund.
NEAR price sees a 100% price rally
NEAR price broke above $19.75, almost 2.5% below its all-time high. However, many analysts agreed on the potential for the NEAR/USD pair to recapture its best level to date, and even surpass it in the coming weeks.
Adoption remained the key focus behind the bullish predictions. For example, Zoran Cole, the founder of the popular Crypto Insiders Telegram group highlighted that Near Protocol will announce the launch of its own native algorithmic stablecoin called USN starting on April 20.
The stablecoin will reportedly use a Terra type native token burning mechanism to maintain parity with the US dollar, effectively reducing the NEAR supply.
Furthermore, as Cole stated in his investment thesis, Near will offer participants an annual percentage yield of around 20%, thus incentivizing capital turnover from DeFi to their pools and increasing demand for NEAR simultaneously.
two/ US$ for @NEARProtocol : https://t.co/kHNqXVuTSJ
โ Do Kwon (@stablekwon) April 8, 2022
โThis will lead to a Near to Terra comparison as the narrative of attractive stablecoin returns proliferates,โ he noted, adding:
โTerra currently has a market cap of approximately $40bn, while Near sits at $10bn. The above catalysts will strengthen Near's fundamentals both in the short and long term and will likely cause its market cap to drop. appreciate by at least 100% over the next few months."
Slim Trady, a pseudonymous market analyst, also expects NEAR to hit new all-time highs, noting that "no substantial resistance remains" on the coin's chart that could limit its upside moves.
Don't act like nobody told you about $ NEAR.
Patience. That's all you've ever needed in this market.
The new ATH are very #CLOSE... Hahaha.
โ๏ธโ https://t.co/M2QdtXvdE7
- Slim Trady - non-ICP giver (@TradySlim) April 7, 2022
Near Coinbase listing?
Despite being in the top 20 crypto assets by market capitalization, NEAR continues to be listed on only a few crypto exchanges, including Binance, Huobi, KuCoin, and Upbit, limiting its exposure, especially in large markets like the US.
Related: Terra buys $200M worth of AVAX for reserves as rival stablecoins emerge
But Kole noted that Coinbase, a major US-based crypto exchange, will list NEAR on its platform โin the coming months,โ noting that it would help increase the retail visibility of the coin.
"This also paves the way for Near NFT to be integrated into the next Coinbase NFT market.
FTX, a crypto exchange headed by Sam Bankman-Fried, could also list NEAR pairs given that its investment arm FTX Ventures is one of the backers in Near Protocol's latest $350 million funding rally.
Price levels to consider
From a technical perspective, NEAR is now eyeing a rally towards its current record high above $20.50.
A decisive break above the level, which coincides with the 1.0 FIb line on the Fibonacci retracement chart, drawn from the $20.78 high to almost $6 low, could have NEAR $29.70 as its next upside target.
Conversely, a pullback risks putting the price of NEAR on track below its interim support near $17.55, with the next target on the downside around $15.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
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