Near Protocol has made a major step forward in the cryptocurrency industry by partnering with Cosmose AI. The partnership will see Near Protocol provide a fast and low cost transaction network to help Cosmose AI provide its users with effective services. Cosmose AI has over 20 million customers and this will expand Near Protocol's user base by a large margin. Moreover, the company's valuation of $500 million makes it one of the best-performing fintech companies in Singapore.

The Near price, however, has experienced a steep decline in the past six days despite the partnership with Cosmose AI. On Monday, the coin dropped below the 25-day and 50-day exponential moving averages and is now hovering at its highest level in March. The bearish outlook might be invalidated if Near Protocol bounces off its next major support level at $1.6930, however, a push below this level could mean that the downward trend could continue.

Further, Near Protocol has received an investment of $350 million from FTX and Alameda Research to support its journey in the crypto space after it had been seen as a rival to Ethereum. This could help the coin make a recovery if it falls below its key support. Overall, Near Protocol seems to have made a big stride in its journey and the partnership with Cosmose AI could be a turning point for the coin.



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