Today, the $NEAR action is kind of interesting.

The news that Bitwise has filed the final prospectus for the NEAR spot ETF has already hit the trending list.

Normally, when people see news like this, their first reaction might be:
The ETF has moved one step forward—shouldn’t the price rise?

But today NEAR instead dropped all the way from around $5.5, and it’s now only around $5.1; the 24-hour decline is already over 5%.

So right now, I actually don’t feel like talking about how much the ETF could bring in later.

What’s more important right now is: with such an obvious piece of news out, why hasn’t the price continued to move up?

From the 4-hour chart, NEAR failed to hold after two previous surges to around $5.4–$5.5; the latest push was directly pressed down to $5.07.

This indicates that at least for now, the news itself isn’t strong enough for the market to keep chasing the price.

For now, I’m looking at around $5.

As long as $5.0–$5.1 can still hold, there’s still value in keeping an eye on this area.

If later it manages to close back within 5.28–5.30, it would suggest that selling pressure in the short term is starting to ease a bit.

What really makes me feel the trend is turning strong again is still around $5.4.

Because earlier, when the price reached this level, people sold.

On the other hand, if even $5 can’t be held, then even if the ETF theme is still there, the short-term market’s answer is very straightforward:

Some people are more willing to realize profits first, rather than keep chasing.

So this time, I’m not in a hurry to set a how-far-ahead target for the $NEAR .

The ETF is just a story.

Whether $5 can be defended is the most realistic answer right now.

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#NEAR🚀🚀🚀