Analyst and trader Michaël van de Poppe is flipping bullish on one layer-1 protocol following a massive correction.
Van de Poppe tells his 772,700 followers on the social media platform X that NEAR, the native cryptocurrency of Near Protocol, could surge to $20 within months, a 500% increase from its current value.
“Pretty ideal spot for NEAR. It took all the liquidity beneath the lows and seems to have a strong weekly candle. If this is the liquidity sweep, then next target is $15-$20 in the next three-six months.”
NEAR is trading for $3.33 at time of writing, up 5.6% in the last 24 hours.
Next up, the analyst says Bitcoin (BTC) may trade sideways until it can break through the resistance level at its all-time high of around $108,000.
“Anyways, Bitcoin stuck in the range, the real inflection will occur once it breaks ATH. For now, just consolidation before the next leg up.”
Bitcoin is trading for $97,787 at time of writing, up 1.1% in the last 24 hours.
Lastly, the analyst says that Ethereum (ETH) may be forming a bullish divergence on the weekly chart against Bitcoin (ETH/BTC).
A bullish divergence, which suggests price will start to increase, occurs when the price of assets records lower lows while indicators, such as the Relative Strength Index (RSI), a momentum oscillator indicator, are witnessing higher lows.
“Next week is going to be a massive week for ETH. If this closes in such a wick and next week ETH goes back above 0.03, the bullish divergence is valid.”
ETH/BTC is trading for 0.02753 BTC ($2,692) at time of writing, down 1.82% in the last 24 hours.
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