Key Points:

• The NEAR Protocol saw a 5% drop as it plunged below the pivotal support level of $2.22.
• Bitwise has launched a NEAR Staking ETP, aimed at providing institutional access to NEAR’s staking rewards amidst a market that is seeing varied performance from AI-related tokens.

AI-focused NEAR token experienced a decline of 5% on Friday despite the introduction of Bitwise’s NEAR exchange-traded product (ETP). This decline occurred during a relatively quiet day for the cryptocurrency market, with Bitcoin struggling to maintain its new record high.

NEAR/USD Chart NEAR/USD (CoinDesk Data)

Technical Insights:

• The NEAR token faced a significant fall of $0.124 (5.42%) between July 3, 15:00 and July 4, 14:00, declining from $2.294 to $2.170.
• A notable resistance zone was established between $2.290 and $2.298, with the price failing to break above it while plunging below the crucial support at $2.220.
• The bearish momentum has strengthened, indicated by a notable volume spike during the decline.