NEAR eyes $5 after Jio perpetuals launch
Key takeaways
NEAR edges higher on Wednesday after rebounding approximately 6% the previous day.
NEAR Intents launched confidential perpetual contracts linked to Jio Platforms ahead of its scheduled listing.
Bitwise’s NEAR-focused ETF recorded $4.84 million in outflows Tuesday, following $1.40 million in inflows Monday.
NEAR extends recovery following Jio perpetuals launch
NEAR Protocol moved higher on Wednesday, extending the previous day’s roughly 6% rebound as traders assessed a new derivatives offering and weaker ETF demand.
NEAR Intents launched confidential perpetual contracts linked to Jio Platforms on Tuesday, ahead of the Reliance Group company’s scheduled Wednesday listing.
The contracts offer exposure to Jio’s price movements before listing while keeping traders’ positions confidential. They are derivatives, not ownership of the underlying shares.
The launch adds another trading use case to the NEAR ecosystem, although its effect on demand for the NEAR token remains uncertain.
Bitwise’s NEAR-focused exchange-traded fund recorded $4.84 million in net outflows on Tuesday, according to SoSoValue data.
The withdrawal followed $1.40 million in inflows on Monday, leaving a combined net outflow of approximately $3.44 million across the two sessions.
The reversal comes after four consecutive weeks of inflows. It could reflect profit-taking, but fund flows alone don’t reveal investors’ motivations or whether the trend will persist.
Further withdrawals would indicate continued softness in demand through the ETF, while renewed inflows would suggest Tuesday’s redemptions were temporary.
NEAR holds above its 50-Day Moving Average
NEAR traded around $4.74 in the supplied price snapshot, remaining above its 50-day Exponential Moving Average at $4.33.
That positioning preserves a constructive near-term structure despite the pullback from the October 12 high of $6.00. The 200-day EMA sits considerably lower at $2.89, supporting the broader upward trend.
However, NEAR remains below a descending trendline around $5.02. Buyers need to overcome that barrier to strengthen the recovery.
A confirmed breakout could bring the September 27 high of $5.57 into focus. Until then, the psychological $5 threshold and nearby trendline remain obstacles.
Daily momentum indicators have yet to show a decisive bullish shift. The Relative Strength Index stands near 49, close to the neutral 50 level, indicating a balance between buying and selling pressure.
Meanwhile, the Moving Average Convergence Divergence line remains below its signal line and slopes downward. That suggests momentum is still subdued despite the latest rebound.
On the downside, initial support lies at the September 25 low near $4.43, followed by the 50-day EMA at $4.33. A break below those levels could expose the September 19 high around $3.91.
Holding this support area while reclaiming $5.02 would provide stronger evidence that NEAR’s recovery is gaining traction.
