Amid ongoing debates about the commencement of an altcoin rally, Bitcoin continues its upward trajectory. In the midst of this, a renowned cryptocurrency analyst believes that NEAR Protocol, often seen as a competitor to Ethereum, is mimicking the recent record-breaking moves of the meme coin, Pepe.
What Does the Analyst Say?
The analyst, known as Credible, shared insightful commentary on social media platform X, emphasizing a striking similarity between the market behaviors of NEAR and Pepe. He stated that NEAR’s current market scenario mirrors that of Pepe, which recently hit new highs. Credible expressed optimism, suggesting that buying the dips could be a profitable strategy, as he has already positioned himself long on NEAR.
How is NEAR Performing?
According to the chart shared by the trader, NEAR’s failure to drop to the $5.72 region initiated a bullish move targeting $9. At the time of writing, NEAR is trading at $8.03, approximately 15% short of Credible’s target. Despite his bullish stance on NEAR, the analyst cautioned that his positive outlook does not extend to Pepe and other high-volume altcoins, which he predicts will undergo significant price corrections.
Key Inferences for Investors
Investors can derive several actionable insights from the current situation:
- Consider a long position on NEAR, as dips present potential buying opportunities.
- Exercise caution with high-volume altcoins like Pepe, as significant corrections are anticipated.
- Monitor Bitcoin’s reaccumulation phase, which could lead to a breakout towards $100,000.
While NEAR shows potential for growth, investors should remain vigilant about market conditions and shifting capital allocations.
Bitcoin, the leading cryptocurrency, has garnered significant attention alongside PEPE. It is currently trading at $66,085, marking a 7.66% increase today. The market cap of Bitcoin has crossed the $1.3 trillion threshold again, achieving notable growth. The 24-hour trading volume surged by 48%, reaching over $40.8 billion, signaling renewed investor interest.
In conclusion, while NEAR displays promising signs of an uptrend, investors should be cautious about the broader altcoin market and keenly observe Bitcoin’s performance in the coming days.