NEAR Token’s Wild Ride: 10% Surge, Profit-Taking, and a Bit of Bitwise Magic 🚀💰

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What to know:

  • NEAR token had a moment, surging 9.77% from $2.15 to $2.36 between July 2-3. It’s like it finally found its inner strength and broke through the $2.30 resistance level with a solid volume boost. 🌟
  • But, of course, the party had to end. Profit-taking kicked in, and the price dipped back to $2.27 by the end of the session, finding a comfy spot at the 23.6% Fibonacci retracement level. 🤷‍♀️
  • NEAR got a little boost on Wednesday when Bitwise, the fund manager, announced they’re launching a NEAR exchange-traded product (ETP) in Germany. It’s like NEAR got a shiny new badge of honor. 🎖️

AI-focused NEAR token hit the brakes on its 10% rally on Thursday as traders decided it was time to cash in on the gains. Bitwise’s announcement about the NEAR ETP in Germany was the spark that lit the fire, but apparently, the fire department (profit-takers) showed up a bit too soon. 🚒

“The NEAR Staking ETP on Xetra opens a new bridge to NEAR for institutions by providing a regulated, exchange-traded way to earn staking rewards,” Illia Polosukhin told CoinDesk. “Investors can now dip their toes into the NEAR ecosystem and user-owned AI without the hassle of private keys or node operations, and with full price transparency. It’s like a VIP pass to the future, but with less tech jargon.” 🤓

The token has now found a cozy support level at $2.26, which is great news for those who believe in the long-term potential of NEAR. It’s like it’s taking a little nap before it decides to climb the mountain again. 🏔️

Technical analysis

  • NEAR established a strong support at $2.26 with above-average volume during the 24-hour period from 2 July 16:00 to 3 July 15:00. It’s like it’s got a safety net in place. 🛡️
  • Price broke through the $2.30 resistance level in the early hours of 3 July, reaching a new high at $2.36 during the 08:00 hour with substantial volume confirmation. It’s like it was on a mission to prove everyone wrong. 🚀
  • The 23.6% Fibonacci retracement level provided support during the profit-taking phase, suggesting the underlying uptrend remains intact. It’s like NEAR is saying, “I’m not done yet!” 💪
  • During the 60-minute period from 3 July 14:50 to 15:49, NEAR experienced a steep sell-off at 15:04-15:07, where volume spiked to over 310,000 units. It’s like a flash mob of traders decided to leave the party all at once. 🕺
  • A new support zone has been established between $2.26-$2.27, with the closing price of $2.26 suggesting continued bearish pressure in the short term. It’s like NEAR is taking a breather before the next big move. 🧘‍♀️

CoinDesk 20 Index Jumps 2% Before Late Session Selloff

Over the last 24 hours from 3 July 15:00 to 2 July 16:00, CD20 exhibited significant volatility with an overall range of $37.27 (2.11%), reaching a peak of $1,811.11 during the 14:00 hour on 3 July before sharply retracing to $1,791.50 by session close. It’s like the CD20 had a midday energy drink and then crashed hard. ☕️😴

The asset demonstrated remarkable strength during the mid-session rally, gaining over $21 (1.18%) from its overnight low of $1,778.85, with particularly aggressive buying momentum observed during the 09:00 and 13:00 hours that suggests institutional accumulation despite the late session profit-taking. It’s like the big players decided to buy the dip, but then got a little spooked. 🤑

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2025-07-03 21:02