Jamie Coutts, a cryptocurrency analyst at Real Vision, says one Ethereum (ETH) competitor’s key indicator is showing strength.
Former Bloomberg analyst says 14,100 followers on social media platform
“Absolute price momentum: solidified since March. The technical pattern looks very bullish if it breaks this resistance level near $7.60, where the volume cluster has been trading for the past few months. A break of the pattern neckline and a target above $10.50 (+30%) would be high confidence.”
Looking at his chart, the analyst suggests that NEAR is printing an inverted head and shoulders pattern (I-HNS). I-HNS is a bullish technical formation with a right shoulder that suggests a willingness to accumulate assets without waiting for the price to fall to previous lows.
Analysts too predict NEAR’s bullish trend against Bitcoin (NEAR/BTC) and Solana (NEAR/SOL) will continue.
“Relative Price Momentum: NEAR vs. SOL and BTC Are Positive and Ready to Rise.”
According to analysts, NEAR also Experience Compared to other smart contract platforms, the network is seeing a massive increase in daily active users (DAU), which is another optimistic sign.
“Absolute Active User Momentum: NEAR’s daily active users increased from 50,000 to 1.76 million last year. Ex-NEAR numbers increased from 5.4 million to 8.75 million.”
He says user growth is much higher. over Combined growth rate of different Layer 1 and Layer 2 projects.
“Relative active user momentum: This is 33x growth compared to 0.6x for the rest of the L1/L2 ecosystem.”
At the time of this writing, NEAR is trading at $7.14, down 3.6% in the last 24 hours.
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