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.
