Analyst Says Ethereum Rival Mirroring Memecoin That Just Printed New All-Time High, Updates Outlook on Altcoins
Release: 2024/05/16 08:03 Reading: 895
A crypto strategist believes that an Ethereum (ETH) challenger is following in the footsteps of a red-hot memecoin that recently hit a new record high.
Pseudonymous analyst Credible shared his insights with his 393,500 followers on the social media platform X, stating that the market structure of layer-1 protocol Near (NEAR) resembles that of Pepe's (PEPE), a memecoin that printed a new all-time high within the past 24 hours.
"Looks identical to PEPE and with my expectation of some relief across the board here I think dips are for buying, targeting the highs.
I'm long as of last night."
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Source: Credible/X
Credible's chart indicates a target price of $9 for NEAR, with invalidation at $5.72. At the time of writing, NEAR is trading at $7.03, implying an upside potential of almost 30% if it reaches Credible's target.
While Credible is optimistic about NEAR, he does not share the same sentiment for Pepe and large-cap altcoins. He believes that Pepe and major altcoins are approaching a significant corrective move as market participants shift their capital to capitalize on Bitcoin's (BTC) upcoming rally.
"Pepe and major alts = in a ranging environment which I believe is a distribution top ultimately leading to breakdowns.
Bitcoin = in a ranging environment which I believe is a reaccumulation range ultimately leading to a breakout to $100,000."
At the time of writing, Bitcoin is valued at $61,655.
Source: https://thebittimes.com/analyst-says-ethereum-rival-mirroring-memecoin-that-just-printed-new-all-time-high-updates-outlook-on-altcoins-tbt88479.html
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