Bitwise NEAR ETF has already pulled in $60.2 million. The success is clear considering it was launched just 7 days ago. Can NEAR pull off a continued pump in prices? The crypto community woke
The crypto community woke up to see BTC, ETH, and other crypto market prices see a dip in prices today. Despite this drop, most assets are clinging on to maintaining their price margins well. At the moment, experts shine a light on how the Bitwise NEAR ETF has already pulled in $60.2 million just days after launching. What’s more, the NEAR price action during the latest dip shows resilience.
About a week ago, the Bitcoin NEAR ETF got its green light to list on NYSE Arca under $NRR. This imminent launch was a clear bullish sign for the popular altcoin asset. As the news broke, most experts went on to share bullish price pump expectations for the altcoin, leading to some new ATH expectations as high as the $155 - $562 price ranges. Now, a week into the launch, the asset seems to be performing well.
https://twitter.com/MartiniGuyYT/status/2107438551944286447As we can see from the post above, it is clear that Bitwise’s NRR ETF has already pulled in $60.2 million just seven days after launching. The fund is now holding more than 11.6 million NEAR tokens, marking a pretty serious amount of capital flowing into NEAR through a traditional investment product in its first week. If demand for these crypto ETFs continues expanding beyond BTC and ETH, it could become a much bigger source of capital for all altcoins.
Yesterday, an expert broke down the current price action for NEAR, as the asset broke above the $5 price range. The expert went on to say that $5.19 was the next target and failure to reclaim it could lead to a retest at $4.92 or even $4.81. Presently, the price of NEAR is trading just above the $5 price range, meaning it likely passed the retests and is trying once again to reclaim a higher target.
https://twitter.com/onehellofarun/status/2107599910296224012As we can see from the post above, this expert states that NEAR is breaking out, but he hopes to see a pullback before the next major leg. However, if NEAR can hit and hold $5.5, then he will go super long.Meanwhile, a reset would make the structure much healthier. The area to watch is the golden pocket around the 0.618 near $3.69. The $3 - $4 zone carries serious confluence: prior resistance, the multi-year descending trendline, and the breakout/retest area.
A move back there wouldn’t automatically invalidate the breakout, but a successful retest could confirm it. It would reset momentum, shake out late leverage, establish the old resistance as support, and give NEAR a much stronger base for expansion. Then the roadmap gets interesting, opening doors to bull targets from $5.50, $8 - $9, and even the possibility of hitting new ATH prices as high as $39.
