A crypto strategist thinks that an Ethereum (ETH) challenger is following in the footsteps of a red-hot memecoin that just hit a fresh record high.
Pseudonymous analyst Credible tells his 393,500 followers on the social media platform X that the market structure of layer-1 protocol Near (NEAR) looks similar to Pepe’s (PEPE), a memecoin that printed a new all-time high in the last 24 hours.
“Looks identical to PEPE and with my expectation of some relief across the board here I think dips are for buying, targeting the highs.
I’m long as of last night.”
Looking at the trader’s chart, he seems to be targeting $9 for NEAR with invalidation at $5.72. At time of writing, NEAR is trading for $7.03, suggesting an upside potential of nearly 30% if the altcoin hits Credible’s target.
But while Credible is bullish on NEAR, he says his sentiment does not extend to Pepe and large-cap altcoins. The analyst says that Pepe and major altcoins are inching toward a big corrective move as he believes market participants are rotating their capital to ride the next burst to the upside for Bitcoin (BTC).
“Pepe and major alts = in a ranging environment which I believe is a distribution top ultimately leading to breakdowns.
Bitcoin = in a ranging environment which I believe is a reaccumulation range ultimately leading to a breakout to $100,000.”
At time of writing, Bitcoin is worth $61,655.
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Generated Image: Midjourney