NEAR Protocol Falls 5% as Market Weakens; Bitwise ETP Launch Fails to Spur Gains
NEAR Protocol’s token tumbled 5% on Friday, struggling to maintain upward momentum despite the launch of a new exchange-traded product (ETP) from Bitwise. The broader crypto market pullback and stiff resistance levels weighed heavily on price action.
Bitwise’s newly introduced NEAR Staking ETP—designed to offer investors traditional market exposure to NEAR’s staking rewards—marked a significant milestone. Yet, it wasn’t enough to counter the prevailing bearish mood, which deepened as Bitcoin’s attempt at a new high fizzled.
NEAR-USD Price Action and Technical Picture
- NEAR dropped from $2.294 to $2.170, a 5.42% decline over 24 hours from July 3 at 15:00 to July 4 at 14:00.
- Resistance held strong between $2.290 and $2.298, rejecting multiple attempts to break higher.
- The price slipped below key support at $2.220 on elevated trading activity, with 2.7 million tokens traded around 04:00.
- Pressure intensified by 07:00, as volume rose to 2.83 million and prices reached a low of $2.172. A similar low of $2.167 later in the session suggested the formation of a double bottom—often a precursor to potential stabilization.
- In the hour leading up to 14:05, NEAR fell a further $0.018 (0.82%), moving from $2.192 to $2.170.
- Resistance at $2.177 remained firm throughout the session.
- A brief sell-off between 13:37 and 13:39 saw the price dip from $2.174 to $2.169 on high volume (119,000 tokens).
- Though a quick bounce lifted NEAR to $2.175 at 13:53, buyers failed to sustain the move. The token ended the session trading in a narrow band between $2.169 and $2.171.
CD20 Index Down 1.8% as Downtrend Spreads Across Market
The CD20 Index, tracking major digital assets, also recorded losses, sliding from $1,788.41 to $1,756.06 between July 3 at 17:00 and July 4 at 16:00—a drop of $32.35, or 1.81%.
The index experienced a 2.56% trading range, peaking at $1,801.60 on Thursday evening before sellers took control. Most of the day’s losses came in the final hours of trading, with a sharp $15 decline post-13:00 reflecting intensifying bearish momentum across the broader crypto landscape.
