dailyhodl.com
A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-20 altcoin by market cap.
The analyst pseudonymously known as Bluntz tells his 257,300 followers on the social media platform X that Ethereum (ETH) competitor NEAR Protocol (NEAR) is currently outperforming other crypto assets.
“Love how NEAR just keeps plodding along making fresh highs while everything else has stalled out and continued accumulating.
This is hands down a market leader right now, will definitely be one of the first to make fresh highs.”
Based on Bluntz’s eight-hour chart, it appears that the pseudonymous analyst’s first target is above $10, around 40% from the current level, after potentially surging in a five-wave pattern that commenced in mid-April.
According to the Elliott Wave theory, a technical analysis tool that the pseudonymous analyst regularly uses, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
NEAR is trading at $7.15 at time of writing.
Turning to Bitcoin (BTC), the pseudonymous analyst says that the flagship crypto asset is flashing a reversal signal on the one-hour chart.
Based on Bluntz’s chart, Bitcoin has formed a bullish divergence – where the price was trending downwards while the Relative Strength Index (RSI) indicator was on an upward trajectory. The RSI is a momentum oscillator used to determine overbought or oversold conditions.
“I’m still very much taking a risk-on perspective and still thinking new all-time highs in the next one to two weeks.”
Bitcoin is trading at $63,000 at time of writing.
Generated Image: DALLE3