- Cryptocurrency analysts are turning their attention to a top-20 altcoin, showcasing optimistic prospects.
- Insights suggest upward momentum for NEAR Protocol (NEAR), a layer-1 blockchain utility token.
- Notably, a well-known trader indicates NEAR could experience substantial price increases in the upcoming weeks.
Explore the bullish outlook for NEAR Protocol and the potential resurgence of popular memecoin Dogwifhat.
NEAR Protocol Set for Significant Gains
The cryptocurrency landscape is buzzing with excitement as NEAR Protocol (NEAR), a utility token of a layer-1 blockchain, shows promising signs of a significant price rally. According to an esteemed cryptocurrency analyst known as Bluntz, NEAR has recently broken out of an ascending channel, which is a bullish indicator on the four-hour chart. This setup, often leading to substantial price rises, suggests that NEAR could see a 63% increase from its current trading value of $6.14, potentially exceeding the $10 mark.
Technical Analysis and Market Trends
Bluntz emphasizes the strength of slow, grinding up channel breakouts, particularly after extended periods within the channel. The pseudonymous analyst compared NEAR’s current pattern to Bitcoin’s behavior before its late 2023 breakout. This correlation adds to the optimism, hinting at a robust upward trend for NEAR as investor confidence grows. Such patterns, recognized by technical analysts, typically signify strong market sentiment and potential for substantial future gains.
Dogwifhat: Potential Bounce Back
Alongside NEAR, Bluntz has also provided an update on the memecoin Dogwifhat (WIF), applying the Elliott Wave theory to understand its price movements. According to Bluntz, WIF has completed a three-wave corrective pattern on the one-hour chart. Based on the Elliott Wave theory, which posits that asset prices move in five-wave trends followed by three-wave corrections, the completion of this corrective phase suggests that an uptrend for WIF could resume soon. Currently trading at $2.45, WIF is positioned for a potential price increase as market dynamics evolve.
Understanding the Elliott Wave Theory
The Elliott Wave theory is a renowned tool in technical analysis, frequently utilized to predict market cycles and trends. By identifying these wave patterns, traders and analysts can anticipate future price movements with greater accuracy. In the case of WIF, the completion of the corrective three-wave pattern signals the possibility of entering a new bullish phase, echoing broader positive market sentiments towards memecoins.
Conclusion
In summary, the current technical analysis of NEAR Protocol and Dogwifhat suggests positive future movements for both cryptocurrencies. NEAR’s breakout from its ascending channel highlights potential significant gains, while WIF’s wave pattern indicates a possible resurgence. As always, investors should conduct thorough due diligence and stay informed through credible sources to make well-informed decisions in the dynamic crypto market.
