NEAR Token Rally Halted as Traders Take Profits After 10% Gain
The NEAR token halted a 10% rally as traders took profits following Bitwise's announcement of a NEAR exchange-traded product (ETP) launch in Germany. Illia Polosukhin stated that the NEAR Staking ETP allows institutional investors compliant access to the NEAR ecosystem without managing private keys.
Key points include:
- NEAR established support at $2.26, indicating potential consolidation.
- Price exceeded $2.30 resistance, reaching a high of $2.36 with significant volume.
- The 23.6% Fibonacci retracement level supported during profit-taking, maintaining the uptrend.
- A sell-off occurred between 15:04-15:07, with volume exceeding 310,000 units.
- A new support zone is identified at $2.26-$2.27, suggesting short-term bearish pressure.
CoinDesk 20 Index Update
CD20 showed volatility with a range of $37.27 (2.11%), peaking at $1,811.11 before closing at $1,791.50. The index gained over $21 (1.18%) from an overnight low of $1,778.85, driven by strong buying momentum, indicating possible institutional accumulation despite late-session profit-taking.