$NEAR Protocol Plunges 5% as Resistance Holds, Bitwise ETP Launches:
Despite the launch of a NEAR ETP, the token faces significant selling pressure amid broader market uncertainty.
#Near Protocol experiences sharp 5% decline as price breaks below critical $2.22 support level.
Bitwise launches NEAR Staking ETP, offering institutional exposure as AI-related tokens show relative resilience.
AI-focused NEAR token slumped by 5% on Friday despite the launch of Bitwise's NEAR exchange-traded product (ETP).
The sell-off comes during a muted day for cryptocurrencies with $BTC also falling back from its test of a new record high.
The launch of Bitwise's NEAR Staking ETP marks a significant milestone for institutional adoption of the protocol, allowing regulated investors to gain exposure to NEAR's staking rewards through a traditional investment vehicle.
Technical analysis:
NEAR has experienced a substantial decline of $0.124 (5.42%) over the 24-hour period from 3 July 15:00 to 4 July 14:00, with price dropping from $2.294 to $2.170.
The asset established a clear resistance zone around $2.290-$2.298 with multiple rejections, while breaking below key support at $2.220 on heavy volume (2.7M) during the 04:00 hour.
The bearish momentum intensified with a volume spike to 2.83M at 07:00 when price reached its lowest point at $2.172, forming a potential double bottom with the 13:00 candle's $2.167 low, suggesting possible stabilization despite the overall negative trend.