Grayscale Files to Convert NEAR Trust into Spot ETF Amid Market Decline
- ETF Filing Details: Grayscale filed with the SEC on January 20 to convert its Grayscale NEAR Trust into a spot ETF, which, if approved, will list on NYSE Arca, marking a structural shift for the existing product despite the broader crypto market downturn.
- Positive Market Reaction: Following the filing, NEAR's price rebounded over 3% in intraday trading with a 22% increase in trading volume, indicating renewed interest among spot market participants, although prices remain below the 50-day and 200-day moving averages.
- Structure and Operational Framework: The new ETF will be managed by CSC Delaware Trust Company as trustee, with Coinbase serving as the prime broker and custodian, adopting custody arrangements similar to those used in other digital asset products to ensure compliance and security.
- Improving Futures Market Sentiment: Open interest in NEAR futures rose nearly 2% within four hours to about $229 million, with major exchanges like Binance and OKX reporting gains exceeding 2%, reflecting cautious positioning by traders amid regulatory developments and market volatility.
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Technical Analysis for NEAR
Technical Sentiment Analysis for NEAR Protocol (NEAR) As of , NEAR Protocol (NEAR) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for NEAR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, NEAR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
NEAR Protocol (NEAR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.371 | 0.606 | 0.859 | 1.094 | 1.347 | 1.582 | 1.835 |
| Fibonacci | 0.606 | 0.793 | 0.908 | 1.094 | 1.281 | 1.396 | 1.582 |
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