NEAR Protocol Plunges 5% as Resistance Holds, Bitwise ETP Launches

NEAR token, an AI-focused cryptocurrency, experienced a 5% slump on Friday despite the launch of Bitwise’s NEAR exchange-traded product (ETP). This sell-off coincided with a generally muted day for cryptocurrencies, as even bitcoin retreated from its attempt to reach a new record high.

The launch of Bitwise’s NEAR Staking ETP signifies a significant step towards institutional adoption of the protocol. This move allows regulated investors to access NEAR’s staking rewards through a traditional investment vehicle.

In terms of technical analysis, NEAR faced a notable decline of $0.124 (5.42%) over a 24-hour period from 3 July to 4 July. The price dropped from $2.294 to $2.170 during this time frame. The asset encountered resistance around $2.290-$2.298 and broke below a crucial support level at $2.220 on high volume (2.7M) at 4:00.

Bearish momentum increased with a volume spike to 2.83M at 7:00, resulting in the price hitting its lowest point at $2.172. There was a potential double bottom formation with a low of $2.167 at 13:00, indicating a possibility of stabilization amidst the negative trend.

In the last hour from 13:06 to 14:05 on 4 July, NEAR saw significant volatility with a net decline of $0.018 (0.82%), dropping from $2.192 to $2.170. The asset faced resistance at $2.177 and witnessed considerable selling pressure at 13:37-13:39, causing the price to plummet from $2.174 to $2.169 on heavy volume (119K).

While there was a brief recovery attempt at 13:53 with a spike to $2.175 on substantial volume (77K), the momentum could not be sustained. Ultimately, the price settled into a consolidation pattern between $2.169-$2.171 in the final minutes of the period.

The CD20 index also experienced a 2% plunge as bearish momentum accelerated over the same 24-hour period. The index dropped from $1,788.41 to $1,756.06, representing a decline of $32.35 (1.81%). The trading range during this time span was $45.74 (2.56%), with the peak at $1,801.60 on 3 July 21:00, followed by significant selling pressure after 13:00 on 4 July.

Overall, despite the launch of Bitwise’s NEAR Staking ETP, NEAR token faced a decline on Friday, reflecting the broader trend in the cryptocurrency market. The technical analysis and the CD20 index plunge indicate a challenging day for NEAR and the crypto market in general. Bullish Group, a prominent player in the blockchain and digital asset industry, is primarily owned by Block.one. Both companies have significant interests in various blockchain and digital asset businesses, as well as substantial holdings of digital assets, including bitcoin. The partnership between Bullish Group and Block.one has positioned them as key players in the rapidly evolving digital economy.

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