While the market has recovered after a poor start to the month in September, some altcoins are still struggling with the remaining bearishness. NEAR continues the list of altcoins that are holding their losses even as majors including Bitcoin and Ethereum recover from their respective declines. According to CoinGeckothe token is down 21% since last week despite the market’s 3% rise today.
While NEAR is underperforming, developments on the network continue to offset the market downturn. One of the most notable developments on NEAR is Libre Capital. offer tokenized real-world assets (RWAs) on-chain, bringing institutional interest to the platform
RWAs create buzz for the protocol
Free Capital is a new crypto asset management firm backed by market giants such as Brevan Howard, Hamilton Lane, and Nomura’s Laser Digital. It was founded four months ago and has since experienced massive upward momentum. According to Libre Capital founder and CEO Avtar Sehra, Libre overcome the $100 million mark in assets under management, cementing the company as one of the fastest-growing crypto asset management companies in the market.
Libre has achieved many milestones since launching our MVP four months ago, surpassing our $100M AUM target and expanding to multiple networks.
Start in @NEARProtocol marks a crucial step towards our multichain wealth strategy. Learn more here: https://t.co/dGCqKENTXu
-Avtar Sehra (@avtarsehra) September 2, 2024
The partnership between NEAR and Libre will allow NEAR users to access tokenized versions of RWAs. At the time of writing, users have access to Hamilton Lane’s credit fund, Brevan Howard’s master fund, and Blackrock’s ICS money market fund, bridging the gap between crypto and the traditional finance space.
According to Sehra, the to throw Libre’s addition to NEAR is “a crucial step toward our multichain wealth strategy,” which hints at future support for more blockchains beyond NEAR. But for now, this development could help bring more institutional investors to the platform.
NEAR in the Goldilocks trading range
At the time of writing, the bears experienced a strong rejection at the low of $3.8, giving the bulls time to regroup and recover. NEAR is now trying to stabilize between the $3.8 to $4.3 trading range, allowing investors and traders to target $5.2 in the long term.
NEAR continues to experience strong bearish momentum in the short term, but bulls have since gathered enough momentum to negate the token’s decline. The question now is when will NEAR have enough momentum to break $4.3 in the medium term.
The relative strength index (RSI) suggests that the token may go through a period of low volatility where bears and bulls will have equally strong momentum. But after that, NEAR will have enough momentum to drive the bears out of the market, breaking $4.3 in the medium term before settling in the $4.3 to $4.7 trading range.
However, this price movement is completely dependent on the broader market dynamics. If Bitcoin and Ethereum continue to struggle, NEAR will have plenty of ground to regain if the bears manage to break above $3.8.
Featured image of Philippine electromechanical contractor, chart from TradingView