Bluntz, a well-known cryptocurrency analyst and trader, expressed his bullish sentiments for Near Protocol (NEAR), currently among the top 20 by market cap. The analyst also provided an update on the memecoin dogwifhat (WIF).
Predicts 63% Increase for NEAR
Bluntz, who has a significant following on social media platform X, suggested that NEAR, the mainnet asset of the Layer-1 Blockchain network NEAR Protocol, is poised for a significant rise.
The analyst noted that NEAR has surpassed the upper boundary of an ascending channel on the four-hour chart, typically seen as a bullish pattern. He emphasized that these slow-progressing channel breakouts often lead to stronger breakouts the longer they continue, making them one of his preferred trading models. According to Bluntz, the formation indicates significant upward movement potential for NEAR.
Bluntz’s chart analysis shows that NEAR might be following a trajectory similar to Bitcoin (BTC) before its breakout at the end of 2023. If this formation continues, Bluntz predicts that NEAR could rise above $10 in the coming weeks, marking a 63% increase from its current price of $6.14. This prediction is based on the strength of the breakout from the ascending channel, which the analyst sees as a reliable indicator of future price movements.
Analyst Believes Dogwifhat Is Ready for a New Uptrend
In addition to his NEAR analysis, Bluntz shared an update on the popular memecoin dogwifhat. Applying the Elliott Wave theory, which he frequently uses in his technical analyses, the analyst noted that WIF has completed a three-wave correction pattern on the one-hour chart. According to this theory, asset prices move in a five-wave pattern during the main trend and corrections occur in a three-wave pattern.
The analyst’s analysis indicates that the completion of the correction pattern typically precedes a new upward movement wave, suggesting that WIF is ready for an uptrend. Bluntz believes that this trend will soon resume for most memecoins, including WIF. At the time of writing, WIF is trading at $2.45, and Bluntz’s bullish outlook points to potential gains in the near future.
