Cryptocurrency analyst Bluntz has expressed his optimism for Near Protocol (NEAR), which is currently ranked among the top 20 cryptocurrencies by market capitalization. Alongside this, he has also shared an update on the memecoin dogwifhat (WIF).
Predicts 63% Increase for NEAR
Bluntz, who boasts a substantial following on social media platform X, asserted that NEAR, the main asset of the Layer-1 Blockchain network NEAR Protocol, is set for a notable increase. He pointed out that NEAR has breached the upper boundary of an ascending channel on its four-hour chart. This pattern, often indicative of bullish momentum, suggests that NEAR could experience robust upward movement. Bluntz is particularly fond of these slow-progressing channel breakouts, which he believes often lead to substantial gains.
His analysis indicates that NEAR is likely following a path similar to Bitcoin’s trajectory before its breakout in late 2023. If this trend continues, NEAR could surge above $10 in the forthcoming weeks, representing a 63% rise from its current $6.14. The strength of the ascending channel breakout serves as a reliable predictor of future price movements, according to Bluntz.
Will Dogwifhat Enter a New Uptrend?
Bluntz also provided insights into dogwifhat (WIF), a favored memecoin. Using the Elliott Wave theory, which is common in his technical analyses, he noted that WIF has completed a three-wave correction pattern on its one-hour chart. According to the theory, asset prices generally follow a five-wave pattern during the main trend, with corrections occurring in a three-wave format. This implies that the completion of the correction phase often heralds a new upward movement wave.
Bluntz believes that this new trend will soon resume for most memecoins, including WIF. Currently, WIF is trading at $2.45, and Bluntz’s bullish stance indicates potential gains in the near term.
Key Takeaways
Key takeaways for investors:
- NEAR’s breach of the ascending channel suggests a likely price surge above $10.
- Dogwifhat (WIF) has completed its correction phase and may enter a new uptrend.
- Bluntz’s analyses rely heavily on established chart patterns and Elliott Wave theory.
- NEAR currently trades at $6.14, implying a 63% gain potential.
- WIF is trading at $2.45, with a positive outlook for future growth.