One cryptocurrency strategist believes that the Ethereum (ETH) challenger is following in the footsteps of the hot memecoin, which recently hit a record high.
Household analyst Credible tells his 393,500 followers on social media platform
“It looks the same as PEPE and I think overall it’s about buying on the downside and targeting the highs while hoping for some relief.
“It’s been too long since last night.”
Looking at the trader’s chart, he appears to be targeting NEAR’s $9 with a void at $5.72. As of this writing, NEAR is trading at $7.03, suggesting an upside potential of nearly 30% if the altcoin achieves Credible’s goals.
Credible is optimistic about NEAR, however. Called His sentiments do not extend to Pepe and large-cap altcoins. Analysts say Pepe and major altcoins are making big correction moves as they believe market participants are turning over capital to ride the next rally in Bitcoin (BTC).
“We are in a variety of environments where we think Pepe and major alts = distros that ultimately lead to failure.
Bitcoin = In an environment where I think the re-accumulation range will ultimately break through to $100,000.”
As of this writing, Bitcoin is worth $61,655.
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