The nearby protocol is down 4.48% in seven days as the coin failed to end its long downtrend. However, the digital currency is still glowing red near $3.88 as a heavy sell-off in the crypto market is eroding investor confidence and contributing to losses.
Last week, the token price rose to $4.45 but failed to break above the double-top pattern. Its market value has risen nearly 12 percent since its low point earlier this year, to $3.3 billion. However, the gains were short-lived as the weak state of the crypto market limited the gains of many coins.
Sweatcoin will start in the future
One of the major blockchain initiatives aims to improve the quality of near-protocol, software-based infrastructure. A shared authentication network uses sharding to increase network throughput. Several applications involving various domains including Metaverse, NFT and Decentralized Finance (DeFi) have been built on the latest protocol.
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Its website claims that more than seven hundred and fifty applications are compatible with it. Reef Finance, Burrow, Meta Pool and Linear Protocol are a few major applications in the ecosystem. Defi Lama claims that the TVL of its apps in its ecosystem is over $300 million. Its Aurora and Octopus app platforms offer many options. In recent months, the near-protocol has seen an explosion in popularity.
In the last 24 hours, more than 196 million transactions have taken place nearby, which has registered more than 18.3 million users. The recent introduction of Sweatcoin’s SWEAT token will be the next key boost for the near future protocol’s value.
First, Sweatcoin is a major fitness industry technology startup. It’s a platform that encourages users to move by offering financial incentives for simple activities like walking and running. Millions of people around the world use Sweatcoin. The app’s creators recently secured $13 million from investors to complete its development.
The next step is the launch of the $SWEAT cryptocurrency in September. This is an important step due to the recent release of the coin. The recent bullish rally may be due to investor attention shifting to the upcoming release of Sweatcoin $SWEAT. Sweatcoin is one of the most important tech startups in fitness.
Protocol Close Fall 4.48%
The current NEAR protocol price is $3.87 and the 24-hour trading volume is $228 million. In the last 24 hours, NEAR Protocol has declined 1.02% and currently ranks #26, with a live market cap of $2.9 billion.
There are 771,607,194 coins in circulation, with a max of around 1,000,000,000 coins. The Proximity Protocol, a leading blockchain project, aims to provide a more secure environment for developers to develop applications.
It is a platform for share verification that improves performance using sharding technology. However, recent network development will boost the coin’s value.
Hackers, Miss Rainbow Bridge, Los 5 Ether
Attackers who tried to access the Near Protocol Rainbow Bridge over the weekend lost an estimated five Ether (ETH), or more than $8,000 at current exchange rates, as the bridge’s verifiers’ automatic security measures stepped in and quickly removed the threats.
By encrypting native tokens on both sides, blockchain-based bridges enable token transfers and receipts, allowing users to move tokens between networks. According to research, Rainbow has more than $2.3 billion in assets locked into the protocol, which allows users to transfer tokens across the Aurora, Neighbor and Ethereum networks.
According to a letter written by Rainbow developer Alex Shevchenko, the hacker allegedly submitted a fake block to the Rainbow Bridge contract by placing a five ether “secured deposit”. As a result, this new information has had little impact on recent prices.
Bearish Crypto Market
The cryptocurrency market has been glowing red since the beginning of the day. The cryptocurrency market has declined due to geopolitical issues and rising interest rates in the US, which has dampened investor appetite. The world’s largest and most valuable Bitcoin (BTC) has dropped to an 8-month low.
The current Bitcoin price is $19,974.77 after a 24-hour trading volume of $31,955,494,255. Bitcoin is down 3.61% in the last 24 hours, and several well-known cryptocurrencies have fallen, including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP).
Close to the technical view of the protocol
In the daily timeframe, NEAR fell to $3.89, breaching the $4.05 double support level. The formation of a bearish candlestick below $4.05 supports a sell bias. As a result, NEAR has the potential to rise to $3.59.
Near Protocol Price Chart – Source: TradingView
The selling trend may continue towards the $3.02 level. NEAR’s immediate resistance remains at $4.46. A break above the $4.46 level could push the recent price to $5.01 or $5.49.
Consider the remaining bearish below $4.06 and vice versa. good luck!
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