TLDR:
- Analyst Michaël van de Poppe expects a 30-40% NEAR correction after the recent strong upward impulse.
- He plans bounce plays near 4.30-4.35, adds back at $3.90, and scales in at $3.40 during a pullback.
- The Bitwise NEAR ETF (NRR) drew $35.5 million on day one, then $13.2 million and about $9 million.
- Bitwise CEO Hunter Horsley bought NRR shares as NEAR slipped to about $4.73 from peaks above $5.50.
NEAR Protocol (NEAR) is trading at $4.82 as of writing, up 2.96% over the past 24 hours. The token has slipped 0.64% across the past seven days. Trading volume stands at $445,081,271.
Source: CoinGecko
Meanwhile, analyst Michaël van de Poppe expects a correction of 30-40% after the recent upward impulse. His view comes as the Bitwise NEAR ETF records its first inflows. He named three price levels where he would trade a pullback. The remarks came after a sharp rally in the token.
Analyst Separates Fundamentals From Technical Structure
Van de Poppe shared the outlook in a post on X. He called NEAR Protocol one of his fundamental favorites for this cycle. However, he said a strong fundamental thesis differs from a technical structure. The two views can point in opposite directions at the same time.
To explain the point, he compared the idea to Bitcoin. An investor may view Bitcoin as a scarce asset that belongs in a portfolio.
Even so, the asset can look overvalued, and selling a large share can cover portfolio risk. He noted the same approach applies to gold and other assets.
According to the analyst, nothing moves up in a straight line. He reviewed the NEAR Protocol charts and sees the narrative slowing.
Given the strong upward impulse, he would not be surprised by a 30-40% correction. A bearish divergence also quietly signaled that the price was overheated in the short term.
Van de Poppe listed three levels he is watching. The 4.30-4.35 range suits bounce plays or day trades. He considers $3.90 the first real area to add back to his portfolio.
At $3.40, he said he will definitely scale in. He added that a correction at that level remains quite normal. These levels guide his approach to the pullback.
Bitwise NEAR ETF Draws Inflows as Price Retreats
The Bitwise NEAR ETF, trading under the ticker NRR, launched on NYSE Arca on September 29. It attracted $35.5 million on its first day. Inflows then reached $13.2 million on the second day. About $9 million followed on the third day. Total assets stood near $36 million initially.
Meanwhile, Bitwise CEO Hunter Horsley bought shares in the fund personally. Bitwise is the issuer of the NRR fund. He made the purchase amid the inflows and the recent price dip. The purchase points to confidence in the role of NEAR Protocol in AI infrastructure.
NEAR Protocol slipped near $4.73 from September peaks above $5.50. This followed a 183% monthly surge tied to AI hype. Separately, a minor security issue hit NEAR Intents. It was fixed quickly.
Traders are watching support between $4.30 and $4.60. Some view a test of that zone as a healthy retest of the breakout. Van de Poppe’s first bounce level of 4.30-4.35 sits within that range. His deeper levels at $3.90 and $3.40 lie below it.
The post NEAR Protocol Could Face 30-40% Correction, Analyst Says appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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