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.
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