After Jio perpetuals debut, NEAR sets sights on $5

Main takeaways

• NEAR moved higher on Wednesday after bouncing back about 6% the day before.
• NEAR Intents rolled out confidential perpetual contracts tied to Jio Platforms ahead of the company's planned listing.
• Bitwise's NEAR-focused ETF posted $4.84 million of outflows Tuesday, after $1.40 million of inflows Monday.

NEAR rebounds further as Jio perpetuals go live

NEAR Protocol climbed again on Wednesday, building on the prior session's roughly 6% bounce, with traders weighing a fresh derivatives product and softer ETF interest.

The Reliance Group company is scheduled to list Wednesday; a day earlier, NEAR Intents put confidential perpetual contracts tied to Jio Platforms into the market.

These contracts let traders track Jio's price moves ahead of the listing while their positions remain private. They are derivatives rather than ownership of the underlying shares.

The introduction gives the NEAR ecosystem another trading application, but whether it lifts demand for the NEAR token is uncertain.

SoSoValue data show Bitwise's NEAR-focused exchange-traded fund saw $4.84 million in net outflows on Tuesday.

That redemption came after Monday brought $1.40 million of inflows, putting the two-session total at a net outflow of about $3.44 million.

The turnaround arrives after four straight weeks of inflows. Profit-taking might be behind it, yet fund flows by themselves cannot show why investors acted or whether the pattern will last.

More outflows would point to persistently weak demand for the ETF, while a return to inflows would imply the Tuesday redemptions were only short-lived.

NEAR remains north of its 50-day moving average

In the supplied price snapshot, NEAR was at roughly $4.74, still above its 50-day exponential moving average of $4.33.

Even with the retreat from the October 12 peak of $6.00, that placement keeps the short-term setup positive. At $2.89, the 200-day EMA is much further down, which underpins the wider uptrend.

NEAR is still under a descending trendline near $5.02, though. That obstacle must be cleared by buyers for the rebound to firm up.

If a breakout is confirmed, the September 27 high of $5.57 could come into view. In the meantime, the psychological $5 level and the nearby trendline stand in the way.

Momentum readings on the daily chart have not yet signaled a clear turn bullish. With the Relative Strength Index around 49, just under the neutral 50 mark, buying and selling pressure look roughly balanced.

At the same time, the Moving Average Convergence Divergence line is still under its signal line and pointing lower. That points to subdued momentum even after the most recent bounce.

Downside support starts near $4.43, the September 25 low, with the 50-day EMA at $4.33 next. Slipping below those levels could bring the September 19 high of roughly $3.91 into play.

If NEAR can defend that support zone and get back above $5.02, it would offer firmer proof that the recovery is building momentum.