Analyst Says Ethereum Rival Mirroring Memecoin That Just Printed New All-Time High, Updates Outlook on Altcoins

A crypto strategist suggests that an Ethereum (ETH) rival is following the trajectory of a popular memecoin that recently reached a record high.

Pseudonymous analyst Credible shared his insights with 393,500 followers on the social media platform X, noting that the market structure of layer-1 protocol Near (NEAR) resembles that of Pepe's (PEPE), a memecoin that reached an 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."

Source: Credible/X

Based on the trader's chart, it appears that he is targeting a price of $9 for NEAR, with a potential invalidation point at $5.72. At the time of writing, NEAR is trading at $7.03, indicating an upside potential of approximately 30% if it reaches Credible's target.

While Credible remains optimistic about NEAR, he clarifies that his positive sentiment does not extend to Pepe or large-cap altcoins. The analyst anticipates that Pepe and major altcoins may be nearing a significant corrective move, as market participants potentially shift their capital to take advantage of Bitcoin's (BTC) anticipated upward momentum.

"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 trading 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