Search Inside Bitcoins

NEAR Price To Explode 46% On Ready Player DAO Partnership News

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

NEAR price was consolidating inside a bullish triangle while trading above key support areas. The technical setup favored the upside as buyers fixed their eyes on %3.70. It is expected that the recent developments that Near Protocol had partnered with Ready Player DAO would provide the tailwinds needed to scale NEAR higher.

Near Protocol’s Collaboration With Ready Player DAO To Fuel The Uptrend

The Near Foundation has entered a partnership with Ready Player DAO, one of the world’s top Web3 gaming ecosystems, to advance blockchain-based gaming on the Near Protocol. 

According to the announcement, the collaboration is aimed at aligning the visions of both parties to build “a self-sufficient gaming ecosystem of creators, developers, entrepreneurs, AND community members… .”

The Ready Player DAO’s announcement on Medium said that the partnership includes a number of features geared towards helping and supporting gamers on Near Protocol. An excerpt from the text read:

That support includes collaborating on building and implementing strategic new initiatives within the NEAR Ecosystem to support gaming on NEAR, enabling access to gaming video content and other critical marketing solutions for NEAR-native games, while also providing gaming communities with access to Ready Player DAO on NEAR for their favorite NEAR-native games.

The partnership will also go further to “provide resources from Ready Player DAO for advising NEAR-native gaming projects on product and go-to-market strategies,” said Ready Player DAO.

Following the news, the NEAR price rallied 14% to reach a high of $2.84 on Wednesday. 

NEAR Price Readies For Further Gains To $3.70

The Near Protocol price was once again rejected from the $2.63 level, forming the x-axis of the ascending triangle. On Wednesday, the bulls attempted to breach the aforementioned barrier without success. The price turned down, dropping 1.7% to the current price of around $2.52. 

Ascending triangles are significantly bullish technical formations and feature exact breakout targets equal to the distance between the highest and the lowest points. The ascending trendline, as observed from the four-hour chart below, has been supporting the NEAR price for more than two weeks. The same chart revealed the $2.45 level, where the 50-day and 100-day Simple Moving Averages (SMAs) appeared to converge,  offered the launching pad NEAR needed for an immediate rebound. 

As such, a daily candlestick above the $2.45 level would clear the path for an upward spiral taking the Near Protocol price above the $3.44 range high to reach the technical target at $3.70. This would represent a 46.46% climb from the current price.

NEAR/USD Four-Hour Chart

NEAR price Chart - Feb 9
TradingView Chart: NEAR/USD

The Moving Average Convergence Divergence (MACD) indicator showed that there were still more buyers than sellers in the market. This trend-following indicator was moving above the zero line in the positive region, suggesting that the market conditions still favored the upside. 

Moreover, the moving averages were facing up, indicating that the market was still bullish. The Relative Strength Index (RSI) was also moving northward. The price strength at 52, reinforced the buyer’s determination to regain control of the market, adding credence to the bullish thesis. 

On the downside, things could take a U-turn if the Ready Player DAO collaboration news becomes less pronounced and the buyer exhaustion conditions kick in, giving the NEAR price a reason to drop.

In such a case, $2.45 could be lost, with sellers quickly pulling the token toward the $2.2 and $2.24 demand zone, where the 200 SMA lay. This would simply be undoing all the gains posted over the last eight days. Another leg lower would see a revisit of the $1.80 level or the 41.57 swing low, invalidating the bullish narrative. 

Alternatives To NEAR

Besides the NEAR, investors should consider Meta Masters Guild, whose native token MEMAG is performing well in presale. The team behind MEMAG has already raised more than $3.6 million, with only a few hours left to the next stage.

Visit Meta Masters Guild here to find out more about how to participate in the ongoing presale.

More News

Join Our Telegram channel to stay up to date on breaking news coverage

Read next