NEAR holds steady following Bitwise NEAR ETF filing
Bitwise filed an S-1 with the SEC to launch a Bitwise NEAR ETF. The filing is the first official expression of interest in a NEAR ETF from an asset manager.NEAR could face another rejection at a descending triangle's upper boundary.NEAR held steady above the $2 mark on Tuesday despite Bitwise's NEAR exchange-traded fund (ETF) filing with the Securities & Exchange Commission (SEC). The filing follows NEAR witnessing a sustained rejection around the upper boundary of a descending triangle.NEAR joins crypto ETF hopefuls following Bitwise filing with SECAsset manager Bitwise has submitted a registration with the SEC to launch a NEAR ETF, according to an S-1 filing on Tuesday. The ETF would provide investors with price exposure to NEAR, eliminating the need to hold the digital asset directly, similar to how Bitwise's spot Bitcoin ETF (BITB) offers exposure to BTC.The filing — which is the first NEAR ETF interest from an asset manager — comes after Bitwise registered a NEAR Trust in the state of Delaware. A 19b-4 filing is expected to follow, which is a necessary step in the SEC's approval process.Although Bitwise did not state the exchange on which the product will be listed, Coinbase Custody Trust Company will be responsible for safekeeping the trust’s NEAR tokens.In addition to the NEAR ETF, Bitwise is seeking approval for several other crypto-focused products, including Solana, XRP, Dogecoin, and Aptos ETFs.Investors showed little excitement following the filing, as NEAR is down over 3% on the day alongside a general decline in the Artificial intelligence sector. This extended the token's decline in the past week to over 12%.NEAR faces rejection at key descending triangle's upper boundaryNEAR trades within a descending triangle pattern, with a key falling trendline extending from March 3. NEAR faces resistance at the upper boundary of the descending triangle — strengthened by the 50-day Simple Moving Average (SMA). A surge above this level could mark the beginning of a turnaround for the altcoin.NEAR/USDT daily chartOn the downside, NEAR faces support at $1.898. The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are below their neutral levels, with the latter nearing the oversold region.Other top AI tokens are showing mixed performance, with Bittensor (TAO) down 0.2%, Render (RENDER) down 1% and Artificial Superintelligence (FET) up over 3%. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.