AI-focused NEAR token halted its 10% rally on Thursday as traders began to take profits from a rally that was spurred by Bitwise's announcement that it is launching a NEAR exchange traded product (ETP) in Germany.
"The NEAR Staking ETP on Xetra opens a new bridge to NEAR for institutions by providing a regulated, exchange-traded way to earn staking rewards," Illia Polosukhin told CoinDesk. "Investors gain compliant access to the NEAR ecosystem and user-owned AI without needing to handle private keys or node operations, and with full price transparency.”
The token has now established a key level of support at $2.26 as it looks to consolidate before continuing to the upside.
Technical analysis
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NEAR established strong support at $2.26 with above-average volume during the 24-hour period from 2 July 16:00 to 3 July 15:00.
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Price broke through the $2.30 resistance level in the early hours of 3 July, reaching a new high at $2.36 during the 08:00 hour with substantial volume confirmation.
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The 23.6% Fibonacci retracement level provided support during the profit-taking phase, suggesting the underlying uptrend remains intact.
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During the 60-minute period from 3 July 14:50 to 15:49, NEAR experienced a steep sell-off at 15:04-15:07, where volume spiked to over 310,000 units.
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A new support zone has been established between $2.26-$2.27, with the closing price of $2.26 suggesting continued bearish pressure in the short term.
CoinDesk 20 Index Jumps 2% Before Late Session Selloff
Over the last 24 hours from 3 July 15:00 to 2 July 16:00, CD20 exhibited significant volatility with an overall range of $37.27 (2.11%), reaching a peak of $1,811.11 during the 14:00 hour on 3 July before sharply retracing to $1,791.50 by session close.
The asset demonstrated remarkable strength during the mid-session rally, gaining over $21 (1.18%) from its overnight low of $1,778.85, with particularly aggressive buying momentum observed during the 09:00 and 13:00 hours that suggests institutional accumulation despite the late session profit-taking.
NEAR Protocol's remarkable 10% surge before profit-taking activities halted its rally serves as a testament to investors’ enthusiasm despite recent reversals, highlighting the underlying strength of this blockchain protocol and potential for continued appreciation.
The rapid 10% surge for NEAR Protocol ahead of profit-taking activities underscores the continuous momentum and strong interest in this next generation blockchain platform, despite short term reversals.
NEAR Protocol's impressive 10% surge prior to profit-taking activities underscores the resilience of its ecosystem and market interest, though caution提醒前路行者需谨慎行事 as subsequent consolidation highlights potential volatility for investors.
As NEAR Protocol surges by a double-digit 10% prior to profit takers stepping in, it highlights the ongoing vibrancy and growth potential within DeFi projects; demonstrating how quickly market sentiment can shift between enthusiasm for new opportunities versus immediate rewards.
NEAR Protocol's remarkable 10% surge ahead of profit-taking efforts underscores its growing momentum and investor optimism, though the subsequent pause signals a cautious market taking profits into account.
NEAR Protocol's outstanding 10% surge ahead of profit-taking initiatives illustrates the ongoing momentum and investor confidence in its blockchain platform, despite temporary halts to rallies due to seller exhaustion.
NEAR Protocol's impressive 10% surge prior to profit-taking interventions underscores its resilience in the face of market corrections, highlighting strong fundamental support and investor interest.
