NEAR Falls 5% with Resistance Capping Gains, Amid Bitwise ETP Launch

NEAR Sheds 5% Despite Bitwise ETP Debut as Crypto Markets Soften

NEAR Protocol’s token slipped 5% on Friday, weighed down by a broader crypto market downturn and firm resistance levels, even as Bitwise rolled out a new exchange-traded product (ETP) dedicated to the asset.

Bitwise’s launch of the NEAR Staking ETP—a product giving traditional investors access to NEAR’s staking rewards—was a significant development for the ecosystem. However, the news wasn’t enough to counteract bearish sentiment across crypto markets, which grew as Bitcoin pulled back after nearing its all-time highs.

Technical Analysis: NEAR-USD

• NEAR fell $0.124 (5.42%) over 24 hours, dropping from $2.294 at 15:00 on July 3 to $2.170 at 14:00 on July 4.
• A tight resistance band developed between $2.290 and $2.298, rejecting several upward attempts.
• Prices broke under the $2.220 support level on strong volume of 2.7 million tokens during the 04:00 hour, signaling increased selling pressure.
• Additional downside came around 07:00 when volume spiked to 2.83 million and prices dipped as low as $2.172. A similar low of $2.167 was later observed at 13:00, hinting at a potential double bottom pattern that could eventually stabilize prices.
• Between 13:06 and 14:05 on July 4, NEAR declined another $0.018 (0.82%), sliding from $2.192 to $2.170.
• Resistance around $2.177 remained stubbornly intact, preventing any significant rebounds.
• A sharp decline between 13:37 and 13:39 drove prices from $2.174 to $2.169 on volume of 119,000.
• Although NEAR briefly bounced back to $2.175 at 13:53 on 77,000 tokens traded, the rally quickly faded, and the token settled into a narrow range between $2.169 and $2.171 as the session closed.

CD20 Index Declines Nearly 2% Amid Market Weakness

The CD20 Index, which tracks the performance of major digital assets, also suffered losses, falling from $1,788.41 to $1,756.06 between 17:00 on July 3 and 16:00 on July 4—a drop of $32.35, or 1.81%.

During the session, the index fluctuated within a range of $45.74 (2.56%). It reached a high of $1,801.60 at 21:00 on July 3 but steadily declined thereafter. A steep drop of nearly $15 in the hour after 13:00 on Friday underscored mounting bearish momentum across the crypto market.