A crypto strategist closely followed for well-timed altcoin predictions thinks one Ethereum (ETH) challenger is ripe to ignite big upside bursts.
Pseudonymous analyst Bluntz tells his 275,500 followers on the social media platform X that Near (NEAR) has taken out the diagonal resistance of a falling wedge pattern on the three-day chart.
A falling wedge structure is viewed as a bullish reversal signal as it suggests that buyers are stepping in to decrease the rate of an asset’s price decline.
Says Bluntz,
“Three-day candle about to close and NEAR has a beautiful trend break now.”
Zooming in, Bluntz says NEAR appears to be following in the footsteps of fellow layer-1 protocol Sui (SUI), an altcoin that has printed gains of about 120% this month.
“NEAR finally coming in hot with a channel breakout.
In environments like these, they usually indicate a huge breakout move is underway.”
At time of writing, NEAR is worth $5.38, up over 5% in the past day.
The trader is also bullish on the Solana (SOL)-based memecoin dogwifhat (WIF). The analyst shares a chart suggesting that WIF has broken above a multi-month resistance level.
“Strap in, are you ready for round 2?”
At time of writing, WIF is trading for $2.01, well above its diagonal resistance.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Elena Abrazhevich/INelson
