A top crypto trader is extremely bullish on one Ethereum (ETH) rival.
The pseudonymous analyst known as Bluntz tells his 300,000 followers on the social media platform X that “there’s a god candle loading” for the layer-1 blockchain project Near Protocol (NEAR).
“USD pair has retested a major breakout and the BTC pair is just about to bust through a major downtrend. Next to memes, alt L1s are the play [in my opinion], these are the two best-looking sectors that I can see.”
NEAR is trading at $6.70 at time of writing. The 24th-ranked crypto asset by market cap is up nearly 9.5% in the past 24 hours and more than 22% in the past week.
Bluntz is also bullish on the altcoin sector overall.
“Alts holding up extremely well considering, I think many will rip hard this week as soon as BTC catches a bid, which I also think is imminent.”
Earlier this week, the analyst also predicted that Dogecoin’s (DOGE) correction would soon be finished.
Bluntz shared a chart suggesting that DOGE could soar above $1 before its five-wave rally is over.
“Current DOGE wave four looks done here.
[DOGE] has been in an upwards sideways running flat correction for two weeks now and plenty of people have gotten bored and moved on to chase the next shiny thing.
In reality, the DOGE parabola has only just started, no profit-taking until $1 minimum in my opinion.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness five-wave surges before witnessing an ABC correction. According to the theory, waves one, three and five are upside bursts while waves two and four are corrective periods.
DOGE is trading around $0.40 at time of writing. The 7th-ranked crypto asset by market cap is up nearly 4.5% in the past day.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: Midjourney
Read the full article here