A widely followed analyst and trader is offering his prediction on three crypto assets amid a slight bump in the markets.
Starting with the layer-one blockchain Near Protocol (NEAR), the analyst pseudonymously known as Bluntz tells his 251,200 subscribers on the social media platform X that the Ethereum (ETH) rival could rise above $9.01, the 22-month high last reached a little over a week ago.
“Will NEAR be the first Layer-1 in the top-50 (by market cap) back to fresh 2024 highs? I think the answer to that will be a resounding yes.”
According to the analyst who regularly uses the Elliott Wave theory in his technical analysis, two five-wave patterns are playing out on the four-hour chart of NEAR. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Based on Bluntz’s chart, one of the five-wave patterns could complete at above the $8.80 price while the second one could complete at around the $9.53 level.
NEAR is trading at $7.84 at time of writing.
Next up is Bitcoin (BTC) and Ethereum. Bluntz says that it is “looking” like the two largest crypto assets by market cap have formed price floors and are now destined to “start pushing higher again from here.”
Based on Bluntz’s charts, it appears that both Bitcoin and Ethereum have completed a three-wave corrective pattern to the downside on the 15-minute and one-hour timeframes, respectively.
Bitcoin is trading at $71,163 at time of writing while Ethereum is changing hands at $3,645.
Turning to Dogecoin (DOGE), Bluntz says that the largest memecoin by market cap has completed a three-wave corrective pattern on the 30-minute chart, suggesting the potential end of a downtrend.
“Starting to think it might not give deeper pullback, definitely strong, no doubt about that.”
DOGE is trading at $0.189 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Generated Image: DALLE3
Read the full article here
