A crypto strategist closely watched for well-timed altcoin predictions thinks an Ethereum (ETH) challenger is ripe to unleash big upside bursts.
Pseudonymous analyst Bluntz tells his 275,500 followers on the social media platform X that Near (NEAR) has eliminated the diagonal resistance of a falling wedge pattern on the three-day chart.
A falling wedge structure is considered a bullish reversal signal because it indicates that buyers are taking action to slow an asset’s decline in price.
Says Bluntz,
“The three-day candle is almost closing and NEAR now has a nice break in the trend.”
Zooming in, Bluntz says NEAR appears to be following in the footsteps of fellow Layer-1 protocol Sui (SUI), an altcoin that has seen gains of around 120% this month.
“NEAR is finally coming in strong with a channel breakout.
In environments like this, they usually indicate that there is a massive outbreak underway.”
At the time of writing, NEAR is worth $5.38, up more than 5% in the past day.
The trader is also bullish on the Solana (SOL)-based memecoin dogwifhat (WIF). The analyst shares a chart indicating that WIF has broken above a multi-month resistance level.
“Strap in, are you ready for round 2?”
At the time of writing, WIF is trading at $2.01, well above its diagonal resistance.
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Featured image: Shutterstock/Elena Abrazhevich/INelson
