Bitwise Files for NEAR ETF Approval as Trading Volume Jumps 50%
NEAR Protocol's token, NEAR, is trading at approximately $2.30 after a brief rally of over 5% on May 7. This increase follows Bitwise's submission of a registration statement to the SEC for a spot NEAR exchange-traded fund (ETF).
Key points include:
- The specifics of the Bitwise NEAR ETF, including its ticker and listing exchange, are not disclosed.
- Coinbase Custody has been appointed as the fund's custodian.
- NEAR's trading volume surged by over 50% in the last 24 hours.
- Bitwise plans to file a 19b-4 form to initiate the SEC approval process.
- NEAR aims to pivot from DeFi to AI infrastructure development.
Market Outlook
NEAR ranks 44th in market capitalization at $2.78 billion. Analysts note it is in a bullish trend, testing a critical support-resistance level. Price stabilization above $1.75 could lead to potential gains if it reclaims the $3.70 level, with projections of reaching $5.
Technical indicators show:
- RSI around 45 indicates slight bearish momentum.
- Bollinger Bands indicate a squeeze pattern, suggesting an impending breakout or breakdown.
- Sustaining above $2.40 may lead to bullish movement toward the $2.70-$3.00 range.
- MACD shows weakening upward momentum but a potential reversal if prices hold above $2.20-$2.25.
NEAR price chart with RSI and Bollinger Band | Source: TradingView
NEAR price chart with MACD | Source: TradingView