Thursday witnessed a pause in NEAR token’s impressive 10% surge, as traders began pocketing gains following Bitwise’s revelation of a NEAR exchange-traded product (ETP) debuting in Germany, fueling the initial upswing.
“By launching the NEAR Staking ETP on Xetra, we’re carving out a fresh institutional gateway to NEAR,” Illia Polosukhin explained to CoinDesk. “This regulated, exchange-traded vehicle unlocks staking rewards without the hassle of managing private keys or running nodes — investors get crystal-clear pricing and compliant access to the NEAR ecosystem powered by user-owned AI.”
Currently, the token has carved out a pivotal foothold at $2.26, setting the stage to stabilize before eyeing further upside momentum.
Technical Breakdown
- Throughout the 24-hour window from July 2, 16:00 to July 3, 15:00, NEAR solidified robust support around $2.26, accompanied by volume surpassing the norm.
- Early July 3rd saw the price smash through resistance at $2.30, flirting with a fresh peak of $2.36 just past 08:00, backed by strong trading volume confirming the breakout.
- During the profit-taking phase, the 23.6% Fibonacci retracement line held firm as a cushion — a sign that the bullish trend remains unshaken.
- Between 14:50 and 15:49 on July 3, the token suffered a sharp sell-off, notably between 15:04-15:07, when volume surged past 310,000 units, signaling a momentary market jitter.
- A new demand zone has emerged in the narrow $2.26-$2.27 band; however, a closing price resting at $2.26 implies bearish undertones may persist in the near term.
According to CoinDesk data, over the past day, NEAR’s 24-hour trading volume fluctuated significantly, reflecting heightened investor engagement as the token traversed key technical thresholds. Such dynamics underscore the keen institutional interest spurred by new financial vehicles like the ETP.
CoinDesk 20 Index Experiences 2% Rally Before Profit-Taking Dims Optimism
Between July 2, 16:00 and July 3, 15:00, the CoinDesk 20 (CD20) index displayed notable swings within a $37.27 range (roughly 2.11%). The index climbed to a session apex of $1,811.11 at 14:00 on July 3 before retreating sharply to $1,791.50 by the close.
The asset’s mid-session lift was striking: soaring more than $21 (or 1.18%) from an overnight trough of $1,778.85, driven by particularly fierce buying pressure during 09:00 and 13:00, hinting at accumulation activity by institutional players despite late-day profit-taking.
