Analysts’ comments on cryptocurrencies generally attract attention. Some analysts are closely followed. Among them, analyst and trader Bluntz has made predictions about four cryptocurrencies amidst volatile market price movements, drawing attention.
Analyst’s Predictions for Near Protocol
Firstly, analyst Bluntz, in a post on social media platform X, mentioned that Near Protocol (NEAR), a Layer-1 blockchain platform, could surpass its 22-month high of $9.01 reached about a week ago, which is also seen as a competitor to Ethereum (ETH).
Will NEAR be the first Layer-1 in the top 50 (by market value) to return to its highest levels in 2024? I think the answer will be a resounding yes.
Preferring to use the Elliott Wave theory in his technical analyses, the analyst pointed out two five-wave formations in the four-hour chart of NEAR. The Elliott Wave theory suggests that the price of an asset moves in a five-wave formation in line with the main trend, while corrections in price occur in a three-wave formation.
The chart presented by Bluntz shows that one of the five-wave formations could be completed above the price of $8.80, while the second could be completed with the price reaching $9.53.
NEAR continues to trade at $7.29, down 2% amidst these analyses. On the other hand, its 24-hour trading volume has decreased by 38% to $423 million.
Comments on BTC, ETH, and DOGE
Following the NEAR analysis, Bluntz also made comments about Bitcoin (BTC) and Ethereum. Bluntz stated that the prices of the two largest cryptocurrencies by market value seemed to be forming a bottom and are now expected to start rising again.
According to the charts shared by Bluntz, both Bitcoin and Ethereum appear to have completed a three-wave corrective formation in a downward direction, as seen in the 15-minute and one-hour views, respectively.
At the time of writing, Bitcoin was trading at $71,200, while Ethereum was finding buyers at $3,591, with both trading in the positive territory.
Lastly, Bluntz drew attention to Dogecoin (DOGE), the top memecoin by market value, indicating that its 30-minute chart shows the end of a three-wave corrective formation, potentially signaling the end of a downtrend.
I’ve started to think that there might not be a deeper pullback, definitely strong, no doubt about it.
DOGE continues to trade at $0.21, after experiencing a 16% increase at the time of writing.
