NEAR Protocol Price Forecast: Jio Platforms perps launch for India’s biggest IPO drives NEAR rebound

• NEAR Protocol posted a modest gain on Wednesday, staying above its 50-day EMA following the previous day’s rebound of roughly 3%.
• Ahead of Wednesday’s listing, NEAR Protocol introduced perpetual contracts for Jio Platforms, India’s biggest IPO.
• Roughly $5 million flowed out of the NEAR-focused ETF on Tuesday, pointing to near-term profit-taking among institutional investors.

A roughly 3% rebound the previous day carried into Wednesday’s modest price gains for NEAR Protocol (NEAR). On Tuesday, NEAR Intents introduced confidential trading in perpetual contracts for Jio Platforms, India’s biggest IPO. Nearly $5 million in outflows on Tuesday indicate mild profit-taking among institutional investors. 

NEAR introduces Jio Platforms perps as institutional demand faces risks

Ahead of Wednesday’s listing of Jio Platforms, the Reliance Group’s offering and India’s biggest Initial Public Offering (IPO), NEAR Protocol introduced confidential perpetual contracts on the stock. These confidential perps let users trade Jio shares before listing without disclosing their positions.

Tuesday brought $4.84 million in outflows from Bitwise’s NEAR-focused Exchange-Traded Fund (ETF), reversing the previous day’s $1.40 million inflow. After four consecutive weeks of inflows, the reversal suggests institutional investors are beginning to take profits. 

$5 in focus: NEAR’s technical recovery outlook

$4.72 is NEAR Protocol’s price at press time on Tuesday. Trading above the 50-day Exponential Moving Average (EMA) of $4.33 preserves a positive near-term bias. The 200-day EMA remains considerably lower at $2.89, leaving the broader uptrend intact despite the recent retreat from the 12 October high of $6.00.

Below a descending trendline at $5.02, NEAR continues to consolidate above its 50-day EMA. Confirmation of a break above that trendline could take the recovery towards the 27 September high of $5.57.

Daily momentum indicators give mixed signals. The Relative Strength Index (RSI) is around 49, close to neutral, but the Moving Average Convergence Divergence (MACD) line is falling below its signal line, indicating easing buying pressure.

On the downside, initial support lies around the 25 September low of $4.43, followed by stronger support at the 50-day EMA of $4.33. A more pronounced pullback could bring the 19 September high of $3.91 into play.

(The technical analysis of this story was written with the help of an AI tool. Know more.)