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Home»ALTCOIN NEWS»Ethereum rival NEAR Protocol is ‘very bullish’, says analyst Jamie Coutts. His goals are:
ALTCOIN NEWS

Ethereum rival NEAR Protocol is ‘very bullish’, says analyst Jamie Coutts. His goals are:

By Crypto FlexsMay 12, 20242 Mins Read
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Ethereum rival NEAR Protocol is ‘very bullish’, says analyst Jamie Coutts.  His goals are:
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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.”

Source: Jamie Coutts/X

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.”

video
Source: Jamie Coutts/X

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.”

video
Source: Jamie Coutts/X

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.”

video
Source: Jamie Coutts/X

At the time of this writing, NEAR is trading at $7.14, down 3.6% in the last 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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