- Near Protocol price declined sharply in April.
- The network had major announcements like the $350 million fund.
- It was also selected by SweatCoin as the move-to-earn industry grows.
The Near Protocol price had a mixed month in April. The coin declined to a low of $10.11 even after the network made some meaningful gains. On Monday, the coin was trading at $11.8, which was about 17% above the lowest level in March, bringing its total market cap to over $8 billion.
Near April Review
Near Protocol had major announcements in April. The most important one was that the management announced a giant fundraising of $350 billion from Tiger Global, one of the leading venture capital firms in the world.
The fundraising caught many investors by surprise considering that the network had raised another large fund earlier this year. The developers hope to use these funds to accelerate their sharding rollout and to provide more funding opportunities to developers.
Further, Near Protocol was selected by SweatCoin as the popular fitness company seeking to launch its cryptocurrency. For starters, SweatCoin is one of the leading players in the move-to-earn industry that has become popular recently. Indeed, in April, we saw the prices of Stepn’s Green Metaverse Token (GMT) and Step App soar.
Another important event in the Near Protocol was the announcement that it will soon launch its stablecoin. A stablecoin is a cryptocurrency that is backed by a real asset like the US dollar. Therefore, investors have started to compare the protocol with Terra. Terra has become a leading cryptocurrency because of its stablecoins like Terra USD.
Further, the Near Protocol reacted to the network’s focus on music. In a series known as “Music in the Blockchain Era”, the developers wrote about the key areas in the music industry. They include Decentralized Autonomous Organization (DAO) music labels and loyalty programs. The network hopes to become a leading player in the music industry. May will likely have more important events for the Near Protocol.
Near Protocol Price Prediction
The four-hour chart shows that the Near price declined below the important support at $14.578 in April. This was a notable level because it was the neckline of the head and shoulders pattern that formed before. The price crashed to the 78.6% Fibonacci Retracement level.
Further, the price remains below the 25-day and 50-day exponential moving averages, signaling that bears were in control. Therefore, there is a likelihood that the pair will retest the support at $10 in May as the Fed ramps its interest rates.
If you would like to learn more about cryptocurrencies, take a look at our guide on the best cryptocurrencies to invest in 2022.
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