NEAR Protocol Price Forecast: NEAR rally advances as Bitwise ETF inflows reinforce bullish outlook
- NEAR Protocol is up nearly 3% on Thursday, inching toward $5.50 after a 9% jump the previous day.
- Bitwise launched its NEAR-focused NRR ETF on Tuesday, marking the second consecutive day of inflows, with $14 million on Wednesday.
- The technical outlook for NEAR is bullish, with buyers continuing to control the trend despite overstretched momentum.
NEAR Protocol (NEAR) extends gains by 3% on Thursday after the 9% rise the previous day. The launch of the NEAR-focused Bitwise Exchange-Traded Fund (ETF) on Tuesday saw nearly $50 million in inflows in two trading sessions, suggesting strong demand. The technical outlook for NEAR suggests an upside bias as momentum remains bullish despite overbought concerns.
Institutional demand emerges for NEAR Protocol
Bitwise launched a NEAR-focused ETF (NRR) on Tuesday that is gaining momentum with two consecutive days of inflows. SoSoValue data shows $35.99 million in inflows on the opening day, followed by $14.04 million the previous day, totaling around $50 million and suggesting strong institutional demand for the NEAR Protocol, likely driven by its NEAR Intents feature for confidential wallets, which even offers exposure to tokenized assets.
Technical outlook: NEAR Protocol’s recovery targets $8
Near Protocol is trading above $5.4800 at press time on Thursday, maintaining a strong bullish tone after recording nearly 180% gains last week. The NEAR token price sits well above the 50-, 100-, and 200-day Exponential Moving Averages (EMAs) at $3.2226, $2.6300, and $2.2447, respectively, suggesting a firmly supported bullish undercurrent.
Momentum remains strong on the daily chart, with the Moving Average Convergence Divergence (MACD) line holding a steady uptrend in the positive territory. However, the Relative Strength Index (RSI) at 77 hovers in the overbought territory, raising concerns about potentially overstretched momentum.
According to the trend-based Fibonacci retracement tool, using the February low of $0.8410, the June high of $3.0870, and the August low of $1.5380, the 100% retracement level at $5.6452 serves as the immediate resistance. A confirmed breakout above this zone could target the 127.2% Fibonacci extension level at $8.0404, indicating an upside potential of another 45%.
Looking down, the 78.6% retracement level at $4.2739 serves as the immediate support, followed by the distant 50-day EMA at $3.2226.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Author
Vishal Dixit
FXStreet
Vishal Dixit holds a B.Sc. in Chemistry from Wilson College but found his true calling in the world of crypto.
