A leading crypto trader is extremely bullish on one of Ethereum’s competitors (ETH).
A pseudonymous analyst known as Blanz is telling his 300,000 followers on social media platform X that there is “a divine candle loading” for the Near Protocol (NEAR) layer 1 blockchain project.
“The US dollar pair has retested a major breakout and the BTC pair is about to break out of a major downtrend. Memes aside, alternative L1s are a game. [in my opinion]these are the two most beautiful sectors I see.”
At the time of writing, NEAR is trading at $6.70. The 24th-largest cryptocurrency asset by market capitalization is up nearly 9.5% in the past 24 hours and more than 22% in the past week.
Blanz is also bullish on the altcoin sector as a whole.
“Alts are holding up very well considering I think many will rip hard this week once BTC catches supply, which I also think is inevitable.”
Earlier this week, the analyst also predicted that Dogecoin’s (DOGE) correction would soon end.
Blantz shared a chart suggesting DOGE could rise above $1 before the five-wave rally ends.
“The current fourth wave of DOGE appears to be complete.
[DOGE] has been in a horizontal upward and sideways correction for two weeks now, and many people have had enough of it and moved on to the chase for the next shiny thing.
In fact, the DOGE parabola has just begun and in my opinion there will be no profit taking until the $1 low.”
Blantz practices Elliott Wave Theory, which states that a bullish asset tends to experience a five-wave surge before witnessing an ABC correction. According to the theory, the first, third and fifth waves are upward surges, while the second and fourth waves are corrective periods.
At the time of writing, DOGE is trading around $0.40. The 7th largest cryptocurrency asset by market capitalization has grown by almost 4.5% over the past day.
Generated image: Midjourney
