Best of August Week 3 Predictions:
If you thought last week was wild, boy were we in for a treat this week. Alternative layer 1 protocols continued their momentum from last week and just went parabolic this week. Cardano (ADA) reached all time highs with its teaser of smart contract capabilities, while NEAR managed to hit $6.50 on August 21st with its highest daily volume every traded. There was some pull back to end the week as BTC failed to hold above 50k and alts cooled off but NEAR still finished at $5.4976 for close to a 60% week-to-week gain.
NEAR’s price and volume was definitely aided by the launch of much anticipated META pool, a liquid staking solution. META pool was hyped up for a number of reasons: For hodlers, it gives another opportunity to earn rewards in the form of META tokens. For the ecosystem, this unlocks so much liquidity on NEAR given that nearly 40% of NEAR is being staked. If NEAR is going to be a major player in the DeFi space, this will be very important. It also helps strengthen decentralization of network as the staked NEAR will be distributed across numerous validators.
This week was incredible difficult to predict give the extreme volatility but there were some emerging trends from the community. Firstly, and obviously, most merchants predicted NEAR to continue its bullish pattern given the increasing volume, strong momentum, and upcoming launch of META pool. Secondly, there were many predications of NEAR to finish around the $4.80-$4.90 levels as that was both an important Bollinger band, Fib level, and psychological level of $5. If NEAR does retrace, this will be an important level to watch out for.
Here are the top predictions for week 3:
NEAR quickly moved past the 4.27 resistance with increase volumes from July lows and a moving average that is generating a cup formation. This is a clear indication of buying pressure; expect to see NEAR break the 5.27 resistance and test ATH’s later
NEAR is trading below the 1.618 fib level of $4.728 but with increased volumes it could break past the 1.618 level and reach the 2.618 resistance level of $5.79.
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Best of luck and happy hodling!