A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-20 altcoin by market cap while updating his outlook on the memecoin dogwifhat (WIF).
The analyst pseudonymously known as Bluntz tells his 265,200 followers on the social media platform X that the utility token of the layer-1 blockchain NEAR Protocol (NEAR) is poised to go “much much higher.”
According to Bluntz, NEAR has broken out of the upper boundary of an ascending channel, a pattern that is typically considered bullish, on the four-hour chart.
“Slow grinding up channel breakouts are among my favorite setups to trade.
The longer they channel for, the stronger the eventual breakout.”
Based on the pseudonymous analyst’s chart, it appears that Bluntz is suggesting that NEAR is mimicking a similar pattern that Bitcoin formed prior to breaking out in late 2023. It also appears that Blunt is suggesting that over the coming weeks, NEAR could skyrocket above $10, around 63% above the current level.
NEAR is trading at $6.14 at time of writing.
Turning to dogwifhat, the pseudonymous analyst who regularly applies the Elliott Wave theory in his technical analysis says that the memecoin has completed a three-wave corrective pattern on the one-hour chart.
According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction happens in a three-wave pattern. Bluntz further says that an uptrend for most memecoins “starts again soon.”
WIF is trading at $2.45 at time of writing.
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