NEAR Launches USN Stablecoin on Testnet

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Key Takeaways

  • NEAR has launched its USN stablecoin on testnet. 
  • In the meantime, the shopping for stress behind NEAR seems to be rising. 
  • A sustained shut above $17 may push the token to $22.40. 

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NEAR may quickly launch its personal stablecoin to compete with Terra’s UST. Hypothesis over the information seems to be pushing NEAR nearer to a key resistance degree that might ship the token into worth discovery mode if damaged.

NEAR Edges Nearer to Break Out

NEAR seems to be gaining momentum for a big bullish impulse because the utility of the community may be capable to develop.

Hypothesis is mounting amongst cryptocurrency fans over the launch of a NEAR-native stablecoin. Dubbed USN, it’s mentioned that it may comply with an analogous mechanism to Terra’s UST, the place NEAR tokens can be burned when customers need to mint the stablecoin to extend its demand. USN may additionally provide an annual rate of interest of round 20%, in line with Crypto Insiders’ founder Zoran Kole.

The USN stablecoin just lately went stay on the NEAR public check community, which has generated pleasure amongst market contributors.

Supply: NEAR Protocol

Though there haven’t been any official updates about USN’s launch date, it seems that NEAR may get away in anticipation of the information.

The token has been consolidating inside a symmetrical triangle on its four-hour chart since early April. As costs transfer nearer to the sample’s apex, the chance of a bullish breakout will increase. Slicing by the $17 resistance degree may lead to a 32.5% upswing to a brand new all-time excessive of $22.4.

NEAR price chart
Supply: TradingView

It’s value noting that the asset should keep away from closing beneath $15 as a result of such a worth motion may invalidate the optimistic outlook. Breaching this significant help degree may encourage merchants to exit their positions, placing some downward stress on the coin. Underneath such circumstances, costs may fall to $14 and even $12.50.

Disclosure: On the time of writing, the writer of this piece owned ETH and BTC. 

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