Analyst Predicts NEAR’s Market Movement

Analyst Predicts NEAR's Market Movement

As discussions about the commencement of an altcoin rally in cryptocurrencies persist, Bitcoin's upward trend remains unwavering. Amidst this market activity, a renowned cryptocurrency analyst suggests that NEAR, a cryptocurrency often compared to Ethereum (ETH), is following a similar trajectory to a meme coin that recently reached new heights.

Analyst's Commentary on PEPE and NEAR

Credible, an esteemed analyst, shared insightful observations on social media platform X. The analyst noted that the market outlook for Near (NEAR), a layer-1 protocol, bears striking resemblance to that of Pepe (PEPE), a meme coin that recently surpassed its all-time high for the second time in 24 hours.

"It looks the same as PEPE, and with my expectation of some relief across the board here, I think the dips are to be bought targeting the highs. As of last night, I am in a long position."

An examination of the chart shared by the trader reveals that NEAR's failure to fall below the $5.72 region triggered an upward movement towards $9. At the time of writing, NEAR is garnering buyer interest at $8.03, indicating it is 15% shy of Credible's target price.

However, while Credible remains optimistic about NEAR's potential, he emphasizes that his analysis does not extend to Pepe or other high-volume altcoins. The analyst anticipates a significant price correction for Pepe and high-volume altcoins, as market participants shift their capital to support Bitcoin's (BTC) next upward surge.

"Pepe and major altcoins = a distribution top in my opinion, leading to eventual collapses in a volatile environment. Bitcoin = a reaccumulation range in my opinion, leading to an eventual breakout towards $100,000 in a volatile environment."

Bitcoin's Current Value

Concurrently with these developments, Bitcoin, the market-leading cryptocurrency, has also drawn attention alongside PEPE. Bitcoin is currently trading at $66,085 after experiencing a 7.66% increase today.

Bitcoin's market capitalization has once again crossed $1.3 trillion after a similar percentage gain, surpassing this crucial threshold. The 24-hour trading volume has also witnessed significant growth. BTC's trading volume has increased by 48%, exceeding $40.8 billion, underscoring the renewed interest among investors.

The original article was first published on COINTURK NEWS: Analyst Predicts NEAR's Market Movement