The cryptocurrency market follows a fluctuating course due to the influence of contrary winds. Institutional adoption is increasing along with regulatory pressure. In this uncertain environment, an analyst with a large following is talking about new highs for NEAR. The analyst also sounds hopeful for Bitcoin, ETH and DOGE.
Bluntz: NEAR is on its way to the top!
‘cryptokoin.com’As you follow from, the cryptocurrency market continues to show strength despite the pressures. Analyst pseudonymous Bluntz shared his Layer-1 Blockchain Near Protocol (NEAR) predictions. The analyst says the Ethereum rival could break above $9.01, a 22-month high last reached just over a week ago. In this context, the analyst asks, “Will NEAR be the first Layer-1 to return to the 2024 highs? “I think the answer to that will be a resounding yes.” says.
Bluntz regularly uses Elliott Wave theory in his technical analysis. According to the analyst, two five-wave formations have formed on the four-hour chart of NEAR. Elliott wave theory states that the main trend of an asset’s price moves in a five-wave formation, while the correction occurs in a three-wave pattern. According to Bluntz’s chart, one of the five-wave formations could be completed above $8.80, while the second could be completed at $9.53.
Meanwhile, NEAR Coin was trading at $7.28 at the time of writing, down 6% on a daily basis. The cryptocurrency increased by over 10% on its weekly chart.
“The downtrend in DOGE is over!”
After NEAR, the analyst looks at popular meme coin Dogecoin (DOGE). Bluntz says DOGE has completed a three-wave correction pattern on the 30-minute chart. He also notes that this indicates the potential end of a downtrend. In this regard, the analyst said, “I started to think that there might not be a deeper retreat. “He’s definitely strong, there’s no doubt about that.” says.
Meanwhile, DOGE was changing hands at $0.22 at the time of writing, up 18% on a daily basis. Meme coin saw strong gains today despite the sluggishness at the forefront of the market.
“Leading cryptocurrencies have established price floors!”
Finally, Bluntz evaluates Bitcoin (BTC) and Ethereum (ETH). The analyst says the two leading cryptocurrencies “appear” to have formed price floors. He also now predicts it will “start to rise again from here.”
According to the analyst’s charts, both Bitcoin and Ethereum appear to have completed a three-wave downward correction pattern on the 15-minute and one-hour time frames respectively.
Meanwhile, the leading cryptocurrency was trading at $70,458 at the time of writing, up 0.51% on a daily basis. The leading altcoin Ethereum was changing hands at $ 3,561 with a loss of 0.41%.
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