Near Protocol, the promising blockchain project, has recently experienced a substantial surge in its price, with a staggering 20% increase. This surge has left many traders wondering whether it is too late to buy Near Protocol. The growth of Near Protocol has been accompanied by heightened activity and an impressive +132% increase in active users over the past three months. As a result, Near Protocol has emerged as the most active blockchain in terms of daily active users across the entire Web3 ecosystem. This achievement in user adoption is undoubtedly exciting and indicates the platform’s potential for further growth and success.
Currently trading at $3.48, Near Protocol has witnessed a remarkable 24-hour change of +22.5%. This surge follows a previous price rally of +70% over the past four days. The upward momentum was triggered by a supportive bounce off the ascending 20-day moving average (DMA), which is currently at $2.37. The 20DMA has consistently provided crucial moving average support throughout the past two months of Near Protocol’s price growth.
Despite the strong technical indicators, such as the bullish trading channel in which the price is caught, there are some concerns regarding the Relative Strength Index (RSI). The RSI has reached an extremely bearish level of 80, indicating that Near Protocol is potentially overbought. Past instances when the RSI reached similar levels resulted in a subsequent retracement of -14.29%. However, optimism arises from the bullish divergence exhibited by the Moving Average Convergence Divergence (MACD) at 0.034.
Taking these indicators into consideration, Near Protocol’s price appears strong, although a much-needed retracement may be on the horizon following the recent seismic rally. The upside target for Near Protocol is projected at $3.75, suggesting a potential gain of +7.14%. On the other hand, downside risk could lead to a retracement down to $3.00, representing a possible decline of -14.29%. Keeping these factors in mind, Near Protocol currently carries a risk-reward ratio of 0.5, implying that buying at the current price level may not be the ideal entry point for investors.
While Near Protocol’s price may not be enticing for short-term traders, there is a new meme coin in the market that is capturing the interest of smart money traders. Meme Kombat, a trailblazing initiative, combines the nostalgic love for gaming and GambleFi into a decentralized Web3 platform. This unique project offers an intriguing opportunity for potential investors.
Meme Kombat’s core concept revolves around an interactive arena where animated characters representing different meme communities battle each other. Players have the freedom to place bets on these battles and predict the outcomes, potentially earning attractive rewards. The upcoming Season 1 of Meme Kombat will feature 11 distinct meme characters, promising a thrilling experience for participants. Moreover, Season 2 is already on the horizon for December 2023, guaranteeing a continuous stream of action for users.
One of the key strengths of Meme Kombat lies in its decentralized nature, ensuring transparency and unpredictability in every battle. Trust is a crucial element of the project, as evidenced by the upcoming security audit of the smart contract. Meme Kombat’s commitment to transparency sets it apart from many other projects in the crypto space. The founder and project lead, Matt Whiteman, brings valuable experience and credibility to the project with his two decades of experience in process design and role as the COO of North Technologies. Whiteman’s open profile and the project’s physical address in Amsterdam further enhance Meme Kombat’s trustworthiness.
The tokenomics of Meme Kombat offers an appealing proposition for potential investors. The Meme Kombat ($MK) token is attractively priced at $0.246, allowing investors to stake their tokens and participate in a rewarding ecosystem. Stakers not only benefit from passive income with a generous APY of 112% but also have the opportunity to use their staked tokens to place bets in the arena. The unique functionality of earning while gaming sets Meme Kombat apart from other projects. Furthermore, the income potential directly correlates with the engagement of users, providing an incentive to actively participate in the platform.
With the rapid growth of the GambleFi industry and the increasing interest in meme-related projects, Meme Kombat is well-positioned to tap into the market with its innovative approach. By merging memes, gaming, and blockchain technology, the platform offers a fresh and exciting experience for the crypto community. For investors looking to diversify their portfolio with a unique offering, Meme Kombat presents an opportunity too enticing to overlook.
While Near Protocol’s recent surge may deter short-term traders from entering the market, there are alternative opportunities worth exploring. Meme Kombat’s captivating concept, commitment to transparency, and innovative tokenomics make it an intriguing project for potential investors. It is essential to stay updated with the latest developments in both Near Protocol and Meme Kombat to make informed investment decisions. However, it should be noted that cryptocurrency investments carry high risks, and this article should not be considered as investment advice, but rather as informational material to aid in decision-making.