AI-focused NEAR token rose by 7.6% on Wednesday following an announcement from fund manager Bitwise on a NEAR staking exchange-traded product (ETP).
NEAR climbed from $2.09 to $2.13 between July 1-2, with a decisive breakout reaching $2.18 on high trading volume. This performance comes on the back of the announcement that could spur institutional interest in NEAR.
Technical analysis
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NEAR-USD exhibited a remarkable bullish reversal during the 24-hour period from 1 July 15:00 to 2 July 14:00, climbing from $2.09 to $2.13.
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A significant breakout occurred between 04:00-06:00 on 2 July when price surged to a peak of $2.18 on exceptionally high volume (4.56M and 3.76M respectively, far exceeding the 24-hour average).
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The overall range of $0.16 (7.6%) demonstrates strong buying momentum, with key support established at $2.02 and resistance at $2.17.
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Price consolidation above $2.11 in the final hours suggests the formation of a new support level that could serve as a foundation for further upside movement.
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In the last 60 minutes from 2 July 13:06 to 14:05, NEAR-USD exhibited notable volatility with a significant price surge between 13:40-13:48, reaching a peak of $2.15 before experiencing a sharp correction to $2.13.
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The price action formed a clear resistance level at $2.15 and support at $2.13, with volume spikes (131,013 units at 13:48) confirming the strength of the upward movement.
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The final consolidation around $2.14 suggests a potential new support level forming, with the closing price of $2.14 representing a 0.5% gain over the hour despite the mid-period pullback.
Excellent move by Bitwise launching this new staking ETP, demonstrating astute token analysis and strategy that effectively drives the growth of NEAR Protocol while offering investors secure prospects.
Bitwise's introduction of a new staking exchange-traded product (ETP) serves as an impetus for the NEAR Protocol surge, highlighting its potential attractiveness to institutional investors seeking alternative cryptocurrency investment opportunities.
The 8% surge in NEAR Protocol is clearly fueled by Bitwise's introduction of their new staking ETP, demonstrating the growing confidence and demand for this promising project within crypto circles.
NEAR Protocol's 8% surge follows Bitwise launch of a new staking ETP, reinforcing the potential for high-yielding investment opportunities in decentralized finance.
Bitwise's introduction of a new staking ETP serves as an impetus for NEAR Protocol, pushing its value up by 8%, illustrating the strong potential and investment interest in decentralized finance driven projects.
In the realm of blockchain staking opportunities, Bitwise's introduction of a new Staked ETP targeting NEAR Protocol presents an exciting boost for investors and proponents alike. The 8% surge indicates accelerated interest in seamless asset management with enhanced rewards.
The surge of NEAR Protocol by 8% following Bitwise's launch pledge to introduce a new staking ETP showcases the growing interest in decentralized finance and protocols seeking for greater stability through token rewards, marking yet another milestone achieved amidst crypto growth dynamics.
NEAR Protocol's 8% surge underscores investors’ confidence boost after Bitwise enters the multi-asset staking ETP market with a dedicated offering, highlighting NEAR as an attractive option for cryptocurrency holders seeking passive income.
The 8% surge in NEAR Protocol's value following Bitwise launching a new staking-focused ETP underscores the growing appetite for decentralized network solutions and highlights how strategic investments can drive mass adoption.
The 8% surge in NEAR Protocol’s value following Bitwise' staking ETP launch underscores the enthusiasm investors have for this innovative Web3 project, offering a prime example of real-world crypto adoption driving blockchain innovation and attracting passive income opportunities.
