NEAR Protocol (NEAR) has seen a sharp decline of over 5% in the past 24 hours, even as Bitwise Asset Management launched a NEAR Staking ETP, a move intended to increase institutional access to the Layer 1 blockchain. Despite this bullish development, NEAR’s price action remains bearish, weighed down by market-wide uncertainty.
NEAR Falls Below Key $2.22 Support Level
From July 3 at 15:00 to July 4 at 14:00, NEAR/USD dropped from $2.294 to $2.170, a 5.42% decline, breaching the critical $2.22 support zone on heightened selling volume. This downward move occurred during a muted day across the crypto market, with Bitcoin also retreating after failing to break a new all-time high.
Bitwise NEAR ETP: Institutional Milestone Overshadowed by Market Pressure
The launch of Bitwise’s NEAR Staking ETP marks an important milestone for the protocol. This regulated investment product gives institutional investors access to NEAR’s staking rewards without directly managing crypto wallets or tokens. Despite this development, market sentiment remained risk-off, limiting the positive price impact.
Technical Analysis: Bearish Pressure Intensifies
- Resistance zone: $2.290–$2.298 confirmed by multiple rejections.
- Support broken: $2.220 breached during a high-volume (2.7M) sell-off at 04:00 UTC.
- Intraday low: $2.167 recorded at 13:00, forming a potential double bottom with the 07:00 candle’s $2.172 low.
- Last hour movement: From 13:06 to 14:05, NEAR declined 0.82%, falling from $2.192 to $2.170.
- Failed recovery attempt: A brief spike to $2.175 at 13:53 was met with selling pressure, sending price into a narrow consolidation range ($2.169–$2.171).
The price structure currently shows no bullish breakout signals, and resistance at $2.177 has been tested and rejected multiple times.
NEAR Faces Uphill Battle Despite ETP News
While the Bitwise NEAR Staking ETP is a step forward for institutional adoption, price action remains dominated by broader market weakness. Unless NEAR reclaims support above $2.22, traders may continue to face downward pressure.
Key takeaway: Bullish fundamentals are clashing with bearish technicals—short-term recovery hinges on reclaiming key support levels.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.