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.
Well, for now the most popular stablecoin is usdt
Lol, everyone to make their own stablecoin. But we all know that USDT is superior and we don't really need others.