A crypto strategist closely followed for his well-timed altcoin predictions thinks an Ethereum (ETH) challenger is ripe to spark big bullish surges.
Pseudonymous analyst Bluntz tells his 275,500 followers on social media platform X that Near (NEAR) has overcome diagonal resistance of a falling wedge pattern on the three-day chart.
A falling wedge pattern is considered a bullish reversal signal because it suggests that buyers are stepping in to reduce the rate of decline in an asset’s price.
Bluntz says:
“The three day candle is about to close and NEAR has a nice trend break now.”
Zooming in, Bluntz says NEAR appears to be following in the footsteps of its Layer 1 protocol counterpart Sui (SUI), an altcoin that has seen gains of around 120% this month.
“NEAR finally arrives in force with a channel breakthrough.
In environments like this, they usually indicate that a huge breakout move is 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 dogwifhat (WIF), a Solana (SOL)-based memecoin. The analyst shares a chart suggesting that WIF has broken out of a multi-month resistance level.
“Fasten your seatbelts, 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
