YEREVAN (CoinChapter.com) — Near Protocol token traded at $3.39 ahead of the New York session on Dec. 22, after a 10% intraday correction. Notably, the token also established its yearly high on Dec. 22, peaking at $3.80.
NEAR Token Price to Drop 20%
Meanwhile, Near’s real volumes declined in the previous days, indicating the correction could continue.
Moreover, the price chart above flashed a bearish relative strength index divergence. In detail, the RSI is a gauge of profitable market entry and exit points. A bearish divergence occurs when the price action prints higher lows while the RSI insists on lower lows. The dissonance is indicative of a looming decline.
If the correction continues in the short term, NEAR could recede to $2.70, a previous support/resistance 20% lower than the current value. Meanwhile, fundamental developments in the Protocol paint a bullish long-term picture.
Near Partnerships in December
Near Protocol partnered with Arbitrum and Ethereum layer-2 scalability solution. The Protocol announced a collaboration with Arbitrum to enhance Ethereum Rollup development.
This partnership integrates NEAR Data Availability (DA) into Arbitrum, offering advanced solutions and capabilities for developers working on Ethereum Rollups. The integration could open up new opportunities in the Ethereum ecosystem, providing developers with efficient and scalable options for dApp development.
Near Protocol and IDS sign an agreement
Additionally, Near has teamed up with Information Data Systems Inc. on Dec. 14. (IDS) to enhance the Bharat Blockchain Network, advancing leadership in the Web3 space. This collaboration is notable for its focus on leveraging blockchain technology in the educational sector.
The partnership involves developing a blockchain wallet and ID system specifically tailored for students and faculty. This system is expected to be integrated with the Bharat Blockchain Network through the BOS Discovery layer.
The initiative aims to revolutionize the issuance of educational credentials by using the “Wallet Service of NEAR” to streamline the distribution of certificates through decentralized applications (dApps), thereby enhancing the authentication and verifiability of these credentials.
