NEAR eyes $5 after Jio perpetuals launch

Key takeaways

• NEAR advanced on Wednesday, extending a recovery after bouncing roughly 6% the previous day.
• NEAR Intents introduced confidential perpetual futures for Jio Platforms ahead of its upcoming listing.
• Bitwise’s NEAR ETF registered $4.84 million in daily net outflows on Tuesday, following $1.40 million in net inflows on Monday.

NEAR extends recovery following Jio perpetuals launch

NEAR Protocol traded higher on Wednesday, building on the previous day’s approximately 6% bounce as investors evaluated a new trading product alongside softening ETF demand.

On Tuesday, NEAR Intents debuted confidential perpetual contracts tied to Reliance Group’s Jio Platforms, ahead of the company’s planned listing on Wednesday.

The contracts allow traders to get price exposure to Jio prior to its market debut while keeping position details private. Because these are derivative instruments, they do not grant direct equity ownership in the underlying shares.

While the launch introduces additional trading activity within the NEAR ecosystem, its broader impact on NEAR token demand remains uncertain.

In product flows, Bitwise’s NEAR-focused exchange-traded fund recorded $4.84 million in net outflows on Tuesday, according to data from SoSoValue.

This redemption followed $1.40 million in net inflows on Monday, producing a net combined outflow of roughly $3.44 million over both trading sessions.

The reversal comes after four consecutive weeks of positive net inflows. Although the shift may stem from profit-taking, flow data alone does not indicate investor intent or whether the weakness will persist.

Further redemptions would signal ongoing weakness in ETF demand, while a quick resumption of inflows would indicate Tuesday’s redemptions were temporary.

NEAR holds above its 50-Day Moving Average

NEAR was hovering near $4.74 at the time of the price snapshot, remaining above its 50-day Exponential Moving Average (EMA) at $4.33.

Holding above this indicator preserves a constructive near-term technical structure, despite pulling back from the October 12 high of $6.00. Meanwhile, the 200-day EMA sits considerably lower at $2.89, providing baseline support for the broader macro uptrend.

However, the token continues to trade below a descending trendline near $5.02. Buyers must clear this resistance level to reinforce the ongoing rebound.

A confirmed breakout past that barrier could open the door toward the September 27 high of $5.57. Until that occurs, both the psychological $5 milestone and the trendline serve as significant overhead resistance.

Daily momentum indicators have not yet signaled a clear bullish transition. The Relative Strength Index (RSI) sits near 49, close to the neutral 50 threshold, reflecting balanced buying and selling pressure.

Additionally, the Moving Average Convergence Divergence (MACD) line remains beneath its signal line and continues to slope downward, indicating that momentum stays weak despite the recent price bounce.

On the downside, initial support sits at the September 25 low near $4.43, followed by the 50-day EMA at $4.33. A breakdown beneath these levels could expose the September 19 peak around $3.91.

Defending this support region while successfully reclaiming $5.02 would offer stronger proof that NEAR’s recovery is gaining momentum.