NEAR Protocol Plunges 5% as Resistance Holds, Bitwise ETP Launches
NEAR Protocol’s token experienced a 5% slump on Friday, July 5th, despite the launch of Bitwise’s NEAR exchange-traded product (ETP). This downturn occurred amidst a broader cryptocurrency market slowdown, with Bitcoin also retreating from a recent record high. The Bitwise NEAR Staking ETP launch represents a significant step towards institutional adoption, enabling regulated investors to access NEAR’s staking rewards through conventional investment channels.
Technical analysis reveals a 24-hour decline of $0.124 (5.42%) for NEAR, falling from $2.294 to $2.170 between July 3rd, 3 PM and July 4th, 2 PM. Resistance was clearly established around $2.290-$2.298, with multiple price rejections. A break below key support at $2.220, accompanied by high volume (2.7M), marked a shift in momentum. Bearish pressure intensified with a volume spike to 2.83M at 7 AM, reaching a low of $2.172. This low, alongside a similar low of $2.167 at 1 PM, suggests potential stabilization despite the prevailing bearish trend.
The final hour (July 4th, 1 PM to 2 PM) showed significant volatility, with a net decline of $0.018 (0.82%), moving from $2.192 to $2.170. Resistance held at $2.177, with repeated rejections. Selling pressure peaked between 1:37 PM and 1:39 PM, dropping from $2.174 to $2.169 on high volume (119K). A brief recovery attempt to $2.175 at 1:53 PM, fueled by substantial volume (77K), proved unsustainable, resulting in consolidation between $2.169 and $2.171.
Concurrently, the CD20 index suffered a 1.81% drop (from $1,788.41 to $1,756.06) over the 24 hours ending July 4th, 4 PM. The trading range spanned $45.74 (2.56%), peaking at $1,801.60 on July 3rd, 9 PM. Selling intensified after 1 PM on July 4th, with a near-$15 drop within an hour, indicating a broader bearish trend in the cryptocurrency market. The simultaneous decline in both NEAR and the CD20 index points towards a wider market correction.
