A crypto strategist thinks an Ethereum (ETH) challenger is following in the footsteps of a red-hot memecoin that just hit a new all-time high.
The pseudonymous analyst Credible tells his 393,500 followers on the social media platform
“Seems identical to PEPE and with my expectation of some relief here across the board, I think dips are for buying, targeting the highs.
I’m long since last night.’
Looking at the trader’s chart he appears to be targeting $9 for NEAR with a void at $5.72. At the time of writing, NEAR is trading at $7.03, suggesting nearly 30% upside potential if the altcoin hits Credible’s target.
But while Credible is optimistic about NEAR, he is say his sentiment does not extend to Pepe and large cap altcoins. The analyst says Pepe and the major altcoins are headed for a major corrective move as he believes market participants are rotating their capital to bring out the next breakout for Bitcoin (BTC).
“Pepe and major alts = in a diverse environment where I think it is a distribution top that ultimately leads to disruptions.
Bitcoin = in a range environment that I think is a reaccumulation range eventually leading to a breakout to $100,000.”
At the time of writing, Bitcoin is worth $61,655.
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Generated image: Midjourney