As a seasoned analyst with a decade of experience in the cryptocurrency market, I’ve witnessed numerous bearish and bullish cycles. Currently, NEAR seems to be in a challenging position, struggling to keep pace with the market recovery while its on-chain developments continue to shine.
As an analyst, I’ve observed that although the broader market has shown signs of recovery from a rocky start in September, certain altcoins are still grappling with lingering bearish sentiments. NEAR is one such coin that continues to register losses, even as major players like Bitcoin and Ethereum are bouncing back from their recent downturns. Interestingly, data from CoinGecko indicates that the token has dipped by approximately 21% since last week, contrasting with today’s market uptick of around 3%.
Despite NEAR’s current underperformance, ongoing advancements within the platform are successfully counteracting the broader market’s pessimism. One of the standout developments on NEAR is Libre Capital introducing tokenized real-world assets (RWAs) directly onto the chain, thereby attracting institutional investment from institutions.
RWAs Create Buzz For The Protocol
Libre Capital is a recently established cryptocurrency asset management company, backed by industry heavyweights such as Brevan Howard, Hamilton Lane, and Nomura’s Laser Digital. Established just four months ago, it has already witnessed significant growth. As reported by Avtar Sehra, Founder and CEO of Libre Capital, the firm has surpassed $100 million in assets under management, positioning it among the quickest-growing crypto asset management companies in the market today.
Since we debuted our Minimum Viable Product (MVP) four months back, Libre has made significant strides, exceeding the $100 million Assets Under Management (AUM) goal and extending its reach across various blockchain networks.
Starting operations on NEAR Protocol represents a significant milestone in our plans for a multi-chain asset strategy. Discover more details here: [Provide Link]
— Avtar Sehra (@avtarsehra) September 2, 2024
Through their partnership with Libre, NEAR users can now obtain tokenized representations of Real-World Assets (RWAs). At present, this includes options like Hamilton Lane’s credit Fund, Brevan Howard’s Master Fund, and Blackrock’s ICS Money Market Fund. This innovative collaboration serves to narrow the divide between the crypto world and traditional finance.
As stated by Sehra, introducing Libre on NEAR represents a significant milestone in our broader strategy of supporting multiple blockchain networks. This move suggests potential future expansion to other platforms aside from NEAR. Currently, this advancement could attract more institutional investors to our platform.
NEAR On Goldilocks Zone Trading Range
Currently, the bears have strongly pushed back against the $3.8 price level, providing an opportunity for the bulls to strategize and make a comeback. NEAR is now aiming to find equilibrium within the $3.8 to $4.3 price range. This temporary position allows investors and traders to look forward to a potential increase towards $5.2 in the future.
In simpler terms, Near’s price has been trending downward temporarily, but the upward pressure has become significant enough to offset the drop. The question now is when will Near’s price reach and surpass the $4.3 mark in the foreseeable future.
As a researcher, I’ve been analyzing the market trends and one tool that caught my attention is the Relative Strength Index (RSI). It indicates that NEAR token might soon enter a phase of reduced volatility, where both bulls and bears will exhibit comparable momentum. However, following this period, I anticipate NEAR to accumulate sufficient momentum to push back the bears from the market. This could potentially propel the price above $4.3 in the near future, before settling within a medium-term trading range of around $4.3-$4.7.
Nevertheless, the price fluctuations of NEAR are closely tied to the overall trend of the wider market. If Bitcoin and Ethereum persist in their struggles, NEAR could potentially face significant challenges in regaining its position if the bears manage to push beyond the $3.8 mark.
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2024-09-03 16:35