- Near Protocol price formed a triple-top pattern on the 4H chart.
- Focus is on the upcoming Sweatcoin's $SWEAT launch.
Near Protocol price pulled back on Thursday after it rose to the highest level since June 10th. The coin was trading at $4.4 on Thursday evening, bringing its total market cap to over $3.3 billion.
Sweatcoin raises funds
Near Protocol is a faster smart contract platform that hopes to be the best alternative to Ethereum. It is a network that started introducing the concept of sharding in its ecosystem in November last year. Sharding is a technology that supercharges the performance of an application by breaking it down in small pieces known as shards.
Near Protocol has grown its ecosystem in the past few months. According to DeFi Llama, its DeFi ecosystem has grown rapidly, bringing its total value locked (TVL) to over $366 million. Some of the top apps in its ecosystem are Ref Finance, Burrow, Meta Pool, and Linear Protocol among others.
The main catalyst for the Near Protocol has been the upcoming launch of Sweatcoin cryptocurrency that is scheduled for September this year.
For starters, Sweatcoin is the biggest fitness and health application in the world with over 100 million users. Its concept is relatively simple. It usually tracks all movements and exercises that people take and then rewards them using a coin known as SWEAT.
Presently, people are not able to cash out their coins. As a result, the company partnered with Near Protocol to launch this token. Once launched, people will be able to cash in their coins in any exchange like Binance and Coinbase. It is similar to how Stepn uses Solana or how Bored Ape Yacht Club (BAYC) uses Ethereum.
The Near Protocol price rose after Sweatcoin raised over $13 million from investors. It will use these funds to accelerate the SWEAT launch.
Near Protocol price prediction
The four-hour chart shows that the NEAR price was in q recovery mode since June. This recovery saw it rose to the important resistance level at $4.77, which was an important level of resistance. It has struggled to move above the level since July this year.
It is also slightly above the 25-day and 50-day moving averages while the MACD has moved above the neutral point of zero. Therefore, the outlook for the coin is neutral until it rises above the resistance level at $4.77. A move above that point will invalidate the triple top pattern, which is usually a bearish sign.
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