A popular crypto analyst thinks that an altcoin touted as an Ethereum (ETH) rival is poised for bullishness.
The pseudonymous crypto trader known as Cantering Clark has reported that the decentralized application (DApp) platform Near Protocol (NEAR) has been trading in a narrow range for the past few days. told.
“The current formation of NEAR is a textbook classic. Honestly, it doesn’t get any better. Three days almost entirely in value and interval, namely the formation of the Russian Doll. […]. At least 10-15% movement is coming.”
The Russian Doll formation refers to the technical patterns within the patterns and gives traders a strong belief about the game. Also, NEAR’s ability to maintain the current range indicates that the bulls are preparing for an exit, according to the trader.
“I’ve been looking at the possibility of an out-of-value acceptance lately, and I see it in light of similar setups across the board. It sits at the top of the local range held as support.
I’m stubborn about not going down in a strong bear trend or letting anything go against me, so if my setup criteria are violated, I’ll gladly exit and re-enter every time.”
Besides, Cantering Clark emphasized that NEAR has managed to break through the diagonal resistance and is now ready to move above $7.00.
To whomever is starting to push late shorts out.
send $NEAR to range highs like everything else as well. pic.twitter.com/WyOqKphjVj
— Cantering Clark (@CanteringClark) May 21, 2022
The analyst has also set a timeframe for the best entry point for Bitcoin (BTC) bulls as they prepare for the next Halving event in 2024. Cantering Clark’s forecast is based on how Bitcoin reversed its trend in the 2014 and 2018 bear markets.
“Hey, who’s excited for the next Bitcoin halving? If the past precedent is accepted, the start of 2023 will be where there is maximum opportunity.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.