As the Near Protocol experiences a significant surge in price, traders are left to ponder whether it is still a viable investment opportunity. With a staggering 20% increase in price, Near Protocol’s growth and activity have reached new heights. In fact, it has emerged as the number one blockchain in terms of daily active users across all of Web3, which is an incredibly exciting achievement.
In the past three months alone, the active user growth for the NEAR protocol has skyrocketed by 132%, solidifying its position as the most active blockchain based on the number of active addresses within the Web3 ecosystem. Currently trading at $3.48 with a 24-hour change of +22.5%, the NEAR price has experienced a remarkable 70% increase over the last four days. This incredible surge was triggered by a bounce off the ascendant 20-day moving average (DMA) at $2.37. This particular moving average has consistently provided valuable support to NEAR price throughout its upward trajectory over the past two months.
Despite its strong technical form and the bullish ascendant trading channel it currently finds itself in, the Relative Strength Index (RSI) signals potential overbought conditions, sitting at an extremely bearish 80. The last time NEAR’s RSI reached similar levels, a subsequent retracement of -14.29% followed. However, it is noteworthy that the Moving Average Convergence Divergence (MACD) presents a different perspective, showing bullish divergence at 0.034. Overall, NEAR price appears robust, albeit due for a much-needed retracement after its significant rally. Consequently, the current upside target for NEAR price stands at $3.75, with a potential gain of +7.14%. On the other hand, downside risk could lead NEAR price to retrace to $3.00, resulting in a potential loss of -14.29%. As a result, considering the current risk-to-reward ratio of 0.5, it may not be an ideal time to enter NEAR Protocol at the tail-end of such a substantial pump.
Meme Kombat: A Unique Investing Opportunity
While NEAR Protocol may not provide an attractive proposition in the short-term, another investment opportunity has captured the interest of smart money traders – Meme Kombat. This innovative initiative combines the beloved nostalgia of gaming culture with GambleFi on a decentralized Web3 platform, creating a truly unique product that is worth paying attention to.
The Concept of Meme Kombat
Meme Kombat revolves around an engaging arena where animated meme characters compete against each other, aiming to tap into various crypto communities. Players have the freedom to place bets on these battles, predicting the outcomes and potentially earning attractive rewards. With Season 1 showcasing 11 distinct meme characters and Season 2 already on the horizon for December 2023, there is no shortage of action to keep players entertained.
The decentralized nature of Meme Kombat ensures that the outcomes of battles are both transparent and unpredictable, guaranteeing an engaging experience for players. The project’s commitment to transparency is further demonstrated through the upcoming security audit of their smart contract, a move that many projects tend to shy away from. Additionally, the credibility of Meme Kombat is fortified by its founder and project lead, Matt Whiteman. With two decades of experience in process design and as the COO of North Technologies, Whiteman brings a level of trustworthiness and expertise to the project. Notably, his open profile and the project’s physical address in Amsterdam add an extra layer of credibility in an industry where anonymity is often the norm.
The tokenomics of Meme Kombat is particularly appealing to potential investors. By staking the Meme Kombat ($MK) token, which is priced attractively at $0.246, users can engage in a rewarding ecosystem. With a generous APY of 112%, stakers not only benefit from passive income, but they can also use their staked tokens to place bets in the arena. This dual functionality, earning while gaming, sets Meme Kombat apart from other projects. Furthermore, the income potential is directly influenced by user engagement, incentivizing active participation.
Meme Kombat’s Innovative Approach
Meme Kombat presents a fresh and intriguing proposition to the crypto community by merging memes, gaming, and blockchain technology. With the GambleFi industry experiencing significant growth, facilitated by successful coins like Rollbit, Meme Kombat appears well-positioned to tap into this lucrative market with its innovative approach. For those seeking to diversify their portfolio with a unique and exciting offering, Meme Kombat represents an opportunity that should not be overlooked. Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Cryptocurrency is a high-risk asset class. The information provided in this article is for informational purposes only and does not constitute investment advice.