NEAR Protocol Price Forecast: NEAR recovers as perps launch for India’s biggest IPO, Jio Platforms

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

Following a rebound of roughly 3% the previous day, NEAR Protocol (NEAR) is edging higher on Wednesday. Tuesday saw NEAR Intents introduce confidential trading in perpetual contracts for Jio Platforms, India’s biggest IPO. Nearly $5 million in outflows on Tuesday indicate modest profit-taking among institutional investors. 

NEAR introduces Jio Platforms perps as institutional demand risks weakening

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

Following inflows of $1.40 million the previous day, Bitwise’s NEAR-focused Exchange-Traded Fund (ETF) registered outflows of $4.84 million on Tuesday. The reversal suggests institutional investors are beginning to take profits following four straight weeks of inflows. 

Technical outlook: NEAR faces resistance on the path back to $5

At $4.72 at the time of writing on Tuesday, NEAR Protocol remains above the 50-day Exponential Moving Average (EMA) of $4.33, supporting a positive near-term outlook. The broader uptrend also remains intact despite the recent retreat from the 12 October high of $6.00, with the 200-day EMA considerably lower at $2.89.

On the technical front, consolidation above the 50-day EMA continues, although a descending trendline at $5.02 is limiting NEAR’s advance. Should a breakout above that level be confirmed, the recovery could extend towards the 27 September high of $5.57.

Daily momentum signals remain mixed. The Relative Strength Index (RSI) is around 49, close to neutral territory, whereas the Moving Average Convergence Divergence (MACD) line is trending downwards beneath its signal line, indicating easing buying pressure.

On the downside, the initial support area centres on the 25 September low of $4.43, followed by stronger support at the 50-day EMA of $4.33. A more pronounced retreat 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.)