NEAR Protocol Takes a Tumble, Bitwise ETP to the Rescue? 🤔

by

What to know:

  • NEAR Protocol takes a nosedive, plummeting 5% as it crashes through the $2.22 support level. Oh, the drama!
  • Bitwise steps in with a shiny new NEAR Staking ETP, offering a glimmer of hope for institutional investors. Will it be enough to save the day?

Imagine this: the AI-focused NEAR token, feeling quite peppy on Friday, suddenly decides to take a 5% nosedive. And just when you thought it couldn’t get any more thrilling, Bitwise launches its NEAR exchange-traded product (ETP). Talk about timing! 🕒

But wait, there’s more! The crypto world was having a rather sleepy day, with even the mighty bitcoin taking a step back from its record-high aspirations. Yawn! 😴

The launch of Bitwise’s NEAR Staking ETP is like a knight in shining armor for the protocol, allowing those fancy regulated investors to dip their toes into NEAR’s staking rewards without getting their hands dirty. 🛡️

Technical analysis

  • NEAR, our little hero, has taken quite a beating, losing $0.124 (5.42%) over the 24-hour period from 3 July 15:00 to 4 July 14:00. It’s like watching a rollercoaster, but with less fun and more panic. 🎢
  • The poor thing has been rejected multiple times around the $2.290-$2.298 resistance zone, and then, with a heavy heart, it broke below the key support at $2.220 on a whopping 2.7M volume. Ouch! 😖
  • The bearish momentum didn’t stop there. At 07:00, the volume spiked to 2.83M, and NEAR hit its lowest point at $2.172. It’s like a double bottom, but with a side of despair. 🤦‍♂️
  • From 4 July 13:06 to 14:05, NEAR experienced a net decline of $0.018 (0.82%), dropping from $2.192 to $2.170. It’s a wild ride, folks! 🎢
  • At $2.177, NEAR found a new resistance, with notable selling pressure at 13:37-13:39, causing a plunge from $2.174 to $2.169 on a 119K volume. It’s like a game of hot potato, but with money. 🏃‍♂️💨
  • A brief recovery attempt at 13:53 saw a spike to $2.175 on a 77K volume, but the momentum fizzled out, and NEAR settled into a consolidation pattern between $2.169-$2.171. It’s like a cat playing with a ball of yarn, going in circles. 🐱🧵

CD20 Index Plunges 2% as Bearish Momentum Accelerates

The CD20 index, not to be outdone, experienced a significant drop of $32.35 or 1.81% in the last 24 hours from 3 July 17:00 to 4 July 16:00. It’s like watching a slow-motion car crash, but with numbers. 🚗💥

The trading range during this period was $45.74 (2.56%), with the peak of $1,801.60 on 3 July 21:00, followed by consistent selling pressure that intensified after 13:00 on 4 July. Prices fell sharply by nearly $15 within a single hour. It’s like a waterfall, but with money. 💸💦

Read More

2025-07-04 20:15