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April 27, 2024

‘Hands Down a Market Leader Right Now’: Trader Says Top Ethereum Rival Will Be One of the First To Hit New Highs

By Mark Emem

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.

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“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.”

Source: Bluntz/X

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.

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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.”

Source: Bluntz/X

Bitcoin is trading at $63,000 at time of writing.

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