NEAR Protocol Price Forecast: NEAR rebounds on the launch of India’s biggest IPO, Jio Platforms perps

• NEAR Protocol edged higher on Wednesday, holding above its 50-day EMA after roughly a 3% rebound the previous day.
• NEAR Protocol launched India’s biggest IPO, Jio Platforms perpetual contracts ahead of its listing on Wednesday.
• NEAR-focused ETF recorded roughly $5 million in outflows on Tuesday, suggesting near-term profit-taking by institutional investors.

NEAR Protocol (NEAR) price ticks higher on Wednesday, extending its roughly 3% rebound from the previous day. NEAR Intents launched confidential trading of India’s biggest IPO, Jio Platforms, perpetual contracts on Tuesday. Institutional investors' activity shows mild profit-taking after nearly $5 million in outflows on Tuesday. 

NEAR launches Jio Platforms perps but risks losing institutional demand

NEAR Protocol launched confidential perps of Jio Platforms, India’s biggest Initial Public Offering (IPO) by the Reliance Group, which will be listed on Wednesday. Confidential perps enable users to trade Jio stocks pre-listing without revealing their position.

NEAR-focused Exchange-Traded Fund (ETF) by Bitwise recorded $4.84 million in outflows on Tuesday, following $1.40 million in inflows the previous day. This shift implies that institutional investors are starting to book profits after four consecutive weeks of inflows. 

Technical outlook: Will NEAR price reclaim $5?

NEAR Protocol trades at $4.72 at press time on Tuesday, holding above its 50-day Exponential Moving Average (EMA) at $4.33, keeping a constructive near-term tone. Meanwhile, the 200-day EMA at $2.89 sits well below, maintaining a broader uptrend structure despite the recent pullback from the October 12 high at $6.00.

From a technical perspective, NEAR price consolidates above the 50-day EMA but remains capped below a downward trendline at $5.02. A confirmed breakout above this level could extend the recovery toward the September 27 high at $5.57.

Momentum is mixed on the daily chart, with the Relative Strength Index (RSI) hovering at 49, near the neutral zone, while the Moving Average Convergence Divergence (MACD) line remains below the signal line and slopes downward, suggesting that buying pressure is moderating.

Looking down, the first area of protection is the cluster of the September 25 low at $4.43 ahead of firmer support at the 50-day EMA at $4.33. Deeper pullbacks could test the September 19 high at $3.91.

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