NEAR Protocol: The Rally That Wasn’t 🤦‍♀️

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So, what’s the tea? 🍵

  • NEAR token was like, “Hey, I’m gonna surge 9.77% from $2.15 to $2.36 in just a day, and I’m gonna break through that $2.30 resistance level like it’s nobody’s business 💁‍♀️.” And, honestly, it was kind of a big deal.
  • But, because we can’t have nice things, profit-taking came along and was all, “Uh, no, you’re not gonna stay at $2.36, you’re gonna retrace to $2.27, and you’re gonna like it 😒.” And, spoiler alert, it did.
  • Apparently, some fancy fund manager called Bitwise announced that they’re launching a NEAR exchange-traded product (ETP) in Germany, and that’s what got the party started 🎉.

So, the AI-focused NEAR token was having a grand old time, rallying 10% and whatnot, but then traders were all, “You know what? We’re good. We’re just gonna take our profits and go home 🏠.” And, just like that, the rally was over.

Some guy named Illia Polosukhin told CoinDesk that the NEAR Staking ETP on Xetra is a big deal because it provides a regulated way for institutions to earn staking rewards without having to deal with all the technical stuff 🤖. And, honestly, it sounds kind of cool.

Anyway, the token has now established a key level of support at $2.26, which is just a fancy way of saying that it’s trying to figure out what to do next 🤔.

Technical analysis: because you asked for it 🤓

  • NEAR established strong support at $2.26, which is just a fancy way of saying that it didn’t completely tank 🙌.
  • The price broke through the $2.30 resistance level, which was kind of a big deal, but then it retraced, which was kind of a bummer 😔.
  • The 23.6% Fibonacci retracement level provided support during the profit-taking phase, which is just a fancy way of saying that it didn’t completely fall apart 🤯.
  • There was a steep sell-off at 15:04-15:07, which was kind of intense, but then it recovered, which was kind of a relief 😌.
  • A new support zone has been established between $2.26-$2.27, which is just a fancy way of saying that it’s trying to figure out what to do next 🤔.

CoinDesk 20 Index: because you asked for more 🤓

The CD20 was all over the place, with an overall range of $37.27 (2.11%), which is just a fancy way of saying that it was kind of volatile 🌟.

It reached a peak of $1,811.11 during the 14:00 hour on 3 July, but then it sharply retraced to $1,791.50 by session close, which was kind of a bummer 😔.

But, hey, at least it demonstrated remarkable strength during the mid-session rally, gaining over $21 (1.18%) from its overnight low of $1,778.85, which is just a fancy way of saying that it didn’t completely tank 🙌.

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2025-07-03 23:09