A crypto strategist believes that Near Protocol (NEAR), a potential competitor to Ethereum (ETH), is mirroring the success of Pepe’s (PEPE) memecoin, which recently reached a new all-time high. The analyst, known as Credible, shared his observation with his large following on the social media platform X. Credible notes that NEAR’s market structure closely resembles that of PEPE, and he sees buying opportunities in the dips, aiming for new highs. He disclosed that he has a long position in NEAR.
By analyzing Credible’s chart, it appears that he has set a target of $9 for NEAR, with a threshold of $5.72 for invalidation. Currently, NEAR is trading at $7.03, indicating a potential upside of nearly 30% if the altcoin reaches Credible’s target.
However, Credible’s bullish sentiment is limited to NEAR, as he believes that PEPE and other large-cap altcoins are on the verge of a significant corrective move. He suggests that market participants are reallocating their capital to take advantage of the next upward surge in Bitcoin (BTC).
Credible states, “Pepe and major alts are in a ranging environment, which I believe indicates a distribution top that will eventually lead to breakdowns. On the other hand, Bitcoin is in a ranging environment that I believe is a reaccumulation range, ultimately leading to a breakout to $100,000.”
As of now, Bitcoin is valued at $61,655.
Please note that the opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in cryptocurrencies or digital assets. Any transfers or trades made are at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
