NEAR is testing a support zone near $4.30 where the 50-day EMA and a Fibonacci level meet. Weekly inflows into Bitwise's spot NEAR ETF keep shrinking, and the fund's average entry sits above the current price.
NEAR is holding around $4.59 on Sunday after another dip into the $4.30 support zone found buyers. Bitwise's spot NEAR fund, NRR, closed its fourth straight week of net inflows with roughly $5.2 million added between October 19 and 23. That is the smallest weekly inflow since NRR began trading on September 29.
$4.30 has absorbed two sell-offs
The token climbed from a $1.538 low in mid-August to a $6.00 peak on October 11, a gain of almost 290%. It has since slipped into a range between the 0.236 Fibonacci retracement at $4.947 and the 0.382 level at $4.296.
The lower edge of that range carries extra weight because the 50-day EMA, currently at $4.286, runs through it. Sellers pushed NEAR into this zone on October 8 and again on October 24, and buyers stepped in around $4.30 both times.
Recoveries are weakening, though. The October 15 and October 21 highs both faded around $5.35 to $5.40, and the 14-day RSI sits at 47.57, below the neutral 50 mark.
NRR inflows drop from $58M to $5.2M a week
According to an independent flow tracker, NRR has recorded net inflows in each of its four trading weeks, about $88.3 million in total by October 23. The weekly pace has fallen from roughly $58 million in the partial launch week to around $5.2 million. The latest week also included a net redemption of about $2.54 million on October 20.
Cost basis adds pressure. The tracker estimates that the NEAR bought for fund creations cost about $5.01 on average, leaving the position roughly 8% under water at $4.59. The source notes the figure comes from a model rather than shareholder records.
Bitwise stakes all of the trust's NEAR, so staking can grow the fund's token balance without new investor money. Rates float with network conditions, and the source says staking exposes the fund to slashing and to delays when tokens must be unstaked to meet redemptions.
Lose $4.29 and $3.77 comes next
As long as NEAR closes above $4.29, the structure still reads as a pause inside a larger uptrend. A daily close back above $4.95 would open the way to $5.35-$5.40, and only a break of that zone would bring the $6.00 high back into play.
A decisive close below the EMA 50 and Fibonacci confluence would change the picture, because the chart offers little support until the 0.5 retracement at $3.769. The next weekly NRR print adds a second test.
Source: Crypto News Flash
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