A widely followed crypto strategist believes an Ethereum (ETH) competitor is gearing up to witness a breakout rally.
Pseudonymous analyst The Crypto Dog tells his 775,100 followers on social media platform X that he is optimistic about the smart contract protocol Near (NEAR).
The analyst shares a chart indicating that NEAR is in danger of clearing its diagonal resistance on the daily chart.
“NEAR will take action soon. Maybe not today, but soon.
BTC flat, SOL red, NEAR green makes me pay attention.”
Even though Near is still struggling to break above diagonal resistance, the analyst says it is only a matter of time before NEAR breaks out and rises to around $9.
“Okay, don’t bother me – it’s starting to take shape more like I originally expected.
But still keep an eye on NEAR, this should retest the height we just reached and push it in time.
At the time of writing, NEAR is worth $7.06.
Next, the trader says he is keeping a close eye on the tier-1 altcoin Injective (INJ). According to the analyst, the altcoin is starting to look interesting again after INJ bulls defended the $30 price area.
“INJ might be interesting again, for the first time in a long time.”
At the time of writing, INJ is trading at $34.85, up almost 2% in the past day.
As for the broader crypto market, the analyst says thinks that the last correction is intended to flush out weak hands.
“Maybe I’m optimistic, but the past few days have felt like a shake-out. Bullish by default in this market until something major shakes the status quo. We should get some clear direction in the next seven days.”
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Generated image: Midjourney