NEAR rallies by 25% on reports of a upcoming stablecoin, LUNA falls for fourth straight session
NEAR rallied by over 25% on Friday, as speculation grew that Near Protocol was set to create a rival stablecoin to Terra’s UST. LUNA fell on the news, as Terra labs plans to purchase around $100 million worth of AVAX, in order to strengthen its own reserves.NEAR was the biggest gainer during today’s session, climbing by over 25%, as traders reacted to two recent fundamental developments.
This news saw NEAR/USD end two consecutive sessions of declines, and in turn rally to recent resistance of $17.50.Friday’s high, which broke this ceiling, came after speculation grew that Near Protocol would be using this funding to create a stablecoin that would rival the likes of Terra. Today’s surge pushed prices to their highest level since January 17, and comes and the 14-day RSI now sits in overbought territory.
As of writing this, LUNA/USD fell to an intraday low of $98.02 during Friday’s session, which is its lowest point since March 29.
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