NEAR Protocol Price Forecast: Launch of India’s biggest IPO, Jio Platforms perps, drives NEAR rebound

• NEAR Protocol posted modest gains on Wednesday, remaining above its 50-day EMA following a rebound of roughly 3% a day earlier.
• Ahead of Wednesday’s listing, NEAR Protocol introduced perpetual contracts on Jio Platforms, India’s biggest IPO.
• Near-term profit-taking by institutional investors appeared to weigh on the NEAR-focused ETF, which registered outflows of roughly $5 million on Tuesday.

Modest gains in NEAR Protocol (NEAR) on Wednesday extend the previous day’s rebound of roughly 3%. On Tuesday, NEAR Intents introduced confidential trading in perpetual contracts on Jio Platforms, India’s biggest IPO. Nearly $5 million in outflows on Tuesday point to mild profit-taking among institutional investors. 

Can NEAR retain institutional demand after launching Jio Platforms perps?

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

After attracting $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 book profits following four straight weeks of inflows. 

Technical outlook: Can NEAR recover the $5 level?

A constructive near-term bias remains intact as NEAR Protocol holds above its 50-day Exponential Moving Average (EMA) of $4.33, trading at $4.72 at the time of writing on Tuesday. Despite the recent retreat from the 12 October high of $6.00, the broader uptrend structure remains in place, with the 200-day EMA considerably lower at $2.89.

Consolidation above the 50-day EMA continues, although a descending trendline at $5.02 is limiting NEAR’s upside. Should a breakout above this level be confirmed, the recovery could advance towards the 27 September high of $5.57.

Daily momentum signals remain mixed. While the Relative Strength Index (RSI) is hovering near neutral at 49, the Moving Average Convergence Divergence (MACD) line is sloping downwards below its signal line, indicating that buying pressure is easing.

On the downside, initial protection 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 focus.

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