Analyst Forecasts Similarities Between Ethereum Rival and Memecoin Setting New Records
A crypto strategist believes that a competitor to Ethereum is showing similarities to a trending memecoin that recently achieved a record high. Credible, a pseudonymous analyst, shared on X that the structure of Near, a layer-1 protocol, resembles that of Pepe, a memecoin currently at an all-time high.
– Credible suggests Near’s market structure is akin to Pepe’s
– The strategist sees buying opportunities in dips for Near
– Targeting the highs with a long position since last night
– Near’s potential target is $9 with invalidation at $5.72, currently trading at $7.03
– Credible remains optimistic on Near but not on Pepe and major altcoins
Predictions for Altcoins and Bitcoin Movement
Credible predicts a corrective move for Pepe and major altcoins, indicating a potential breakdown. Conversely, he believes Bitcoin is in a reaccumulation phase leading to a breakout to $100,000, currently valued at $61,655.
– Pepe and major altcoins are potentially heading for a corrective phase
– Bitcoin is expected to break out to $100,000 amidst reaccumulation
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Hot Take: Closing Thoughts on Crypto Market Prospects
Analyst predictions paint a vivid picture of contrasting movements in altcoins like Near and Pepe, along with Bitcoin’s potential breakout. Stay informed and make well-informed decisions in the ever-evolving crypto market landscape.
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