Real Vision crypto analyst Jamie Coutts says that key indicators for one Ethereum (ETH) competitor are flashing bullish.
The former Bloomberg analyst tells his 14,100 followers on the social media platform X that NEAR Protocol (NEAR) could soar more than 47% from its current value.
“Absolute price momentum: has been consolidating since March. The technical pattern looks extremely bullish if it breaks this resistance around $7.60 which is where a cluster of volume has traded these past months. This is a high conviction set up if it breaks the pattern neckline, producing a target above $10.50 (+30%).”
Looking at his chart, the analyst suggests NEAR is printing an inverse head and shoulders pattern (I-HNS). An I-HNS is a bullish technical formation with the right shoulder suggesting bulls are willing to accumulate the asset without waiting for the price to drop to its previous low.
The analyst also predicts that NEAR’s bullish trend against Bitcoin (NEAR/BTC) and Solana (NEAR/SOL) will continue.
“Relative price momentum: NEAR versus SOL and BTC are positive and ready to break higher.”
According to the analyst, NEAR is also experiencing huge daily active user (DAU) growth on the network compared to other smart contract platforms, which is another bullish signal.
“Absolute active user momentum: NEAR’s Daily active users have grown from 50,000 to 1.76 million in the past year. Ex-NEAR that number has grown from 5.4 million to 8.75 million.”
He says the user growth rate far exceeds the combined growth rate of the other layer-1 and layer-2 projects.
“Relative active user momentum: that’s growth of 33x vs 0.6x for the rest of the L1/L2 ecosystem.”
NEAR is trading for $7.14 at time of writing, down 3.6% in the last 24 hours.
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