NEAR Protocol price analysis: NEAR finds support at the $1.40 mark, where is the asset headed next?

The NEAR Protocol price analysis shows that the NEAR price action found support at the $1.400 mark and the bullish momentum has enabled the price to return to the $1.420 mark. However, the price action still faces strong bearish pressure at press time as the bulls face rejection at the $1.450 mark.

Timeline of Near-protocol

NEAR Foundation announced a strategic partnership with Mirae Asset Securities, a subsidiary of Asia's largest financial group Mirae Asset and a leading company in the securities industry, for Web3 and security token technology (STO, Security Token Offering) business collaboration.

NEAR Foundation, the non-profit that supports the on-going growth and development of the Near Protocol, and Outlier Ventures, the global Web3 investor and accelerator, announced the launch of the NEAR Base Camp accelerator program.

The NEAR Protocol has partnered with Shemaroo Entertainment to promote Web3 adoption in the Indian media and entertainment market. NEAR x Shemaroo Comes To India Shemaroo Entertainment Limited, one of India's leading media conglomerates, has joined hands with the NEAR Foundation to promote the adoption of Web3 technology in the Indian media and entertainment industry.

The dollar has weakened, and risk assets trade inversely to the dollar. As the dollar loses strength, it becomes less appealing to investors, and this capital quickly finds its way into the digital asset space.

Nansen recently announced their partnership with NEAR protocol in order “to provide on-chain insights to their ecosystem.” The team says they are pleased to announce their collaboration with NEAR, “a growing Layer-1 blockchain, to provide advanced analytics for ecosystem developers and investors.

Cosmose AI, the Singapore-based company specializing in AI-driven in-store foot traffic analytics and customer engagement, has partnered with Near Protocol, a blockchain competitor to Ethereum, to develop a low-cost crypto payment system. The move aims to increase cryptocurrency adoption among the general public, as the innovative payment system offers considerable savings for buyers and sellers.

The cryptocurrency world constantly evolves, with practical use cases emerging in various industries. One such latest development involves Cosmose AI, a company specializing in AI-driven retail analytics, opting for Near's (NEAR) blockchain-based payment system over Stripe.

With the crypto market on an upswing, NEAR Protocol had a robust first quarter, with the circulating market cap of the native token NEAR rising 55% from the previous quarter to $1.67 billion at the end of Q1 2023, according to a Messari report. Comparatively, the global crypto market cap recorded a 46% increase.

NEAR could be another token to watch out for in 2023, given its price moves and network activity over the past three months. Messari's State of NEAR Q1 2023 report reveals the token and its protocol recorded impressive financial performance in the first quarter of 2023.

NEAR Price Prediction: The long-coming downtrend in Near protocol price has started turning sideways indicating the exhausted bearish momentum. The resulting consolidation revealed the formation of a famous chart pattern called a symmetrical triangle.