- Real Vision crypto analyst Jamie Coutts has predicted a bullish future for NEAR Protocol (NEAR), an Ethereum competitor.
- According to Coutts, key indicators suggest that NEAR could see a surge of more than 47% from its current value.
- Coutts’ analysis is based on the asset’s price momentum, relative price momentum, and active user momentum.
NEAR Protocol, an Ethereum competitor, is set to soar according to crypto analyst Jamie Coutts. Key indicators suggest a bullish future, with potential growth of over 47%.
NEAR Protocol’s Bullish Indicators
Jamie Coutts, a former Bloomberg analyst and current crypto analyst for Real Vision, has been observing NEAR Protocol’s performance. He recently shared his insights with his 14,100 followers on social media. Coutts’ analysis of NEAR’s price momentum, relative price momentum, and active user momentum suggests a bullish future for the Ethereum competitor.
Price Momentum and Technical Patterns
Coutts noted that NEAR has been consolidating since March and is now showing an extremely bullish technical pattern. If it breaks the resistance around $7.60, where a cluster of volume has traded in recent months, it could reach a target above $10.50, representing a growth of over 30%. Coutts identified an inverse head and shoulders pattern (I-HNS) in NEAR’s chart, a bullish technical formation that suggests bulls are willing to accumulate the asset without waiting for the price to drop to its previous low.
Relative Price Momentum and User Growth
The analyst also predicted that NEAR’s bullish trend against Bitcoin (NEAR/BTC) and Solana (NEAR/SOL) will continue. In addition, NEAR is experiencing significant daily active user (DAU) growth on the network compared to other smart contract platforms, which Coutts sees as another bullish signal. NEAR’s DAUs have grown from 50,000 to 1.76 million in the past year, far exceeding the combined growth rate of other layer-1 and layer-2 projects.
Conclusion
NEAR Protocol’s key indicators are flashing bullish according to Jamie Coutts. With a potential growth of over 47%, NEAR could be a strong contender in the crypto market. However, as with all investments, potential investors should conduct their own due diligence before making any decisions.
