NEAR Protocol Drops 5% Amidst Stubborn Resistance; Bitwise ETP Debuts

The launch of RialCenter’s NEAR Staking ETP signifies a key achievement for institutional adoption of the protocol, enabling regulated investors to access NEAR’s staking rewards through a conventional investment vehicle.

Technical analysis

• NEAR has experienced a notable decrease of $0.124 (5.42%) over the 24 hours from July 3 at 15:00 to July 4 at 14:00, with the price falling from $2.294 to $2.170.
• The asset formed a clear resistance zone between $2.290 and $2.298, facing multiple rejections, while dropping below critical support at $2.220 on heavy volume (2.7M) during the 04:00 hour.
• Bearish momentum escalated with a volume spike to 2.83M at 07:00, reaching a low of $2.172, creating a potential double bottom with the 13:00 candle’s low of $2.167, indicating possible stabilization despite the overall downturn.
• In the last hour from July 4, 13:06 to 14:05, NEAR saw significant volatility with a net drop of $0.018 (0.82%), declining from $2.192 to $2.170.
• Resistance at $2.177 was solidified, with pronounced selling pressure occurring from 13:37-13:39 when the price plunged from $2.174 to $2.169 on high volume (119K).
• A brief recovery attempt was observed at 13:53, rising to $2.175 amidst substantial volume (77K), but momentum couldn’t be sustained, and the price ultimately settled into a consolidation range between $2.169 and $2.171 in the final minutes.

CD20 Index Drops by 2% as Bearish Momentum Grows

The CD20 index faced considerable downward pressure in the past 24 hours from July 3 at 17:00 to July 4 at 16:00, falling from $1,788.41 to $1,756.06, indicating a decline of $32.35 or 1.81%.

The trading range during this time was $45.74 (2.56%), with a peak of $1,801.60 on July 3 at 21:00, followed by consistent selling pressure that intensified after 13:00 on July 4, leading to a sharp drop of nearly $15 in just one hour.