Breakout Of The Year? Crypto Analyst Predicts Where NEAR Is Headed Next

The price of Near Protocol’s native token, NEAR, has been on an upward momentum recently, with a crypto analyst projecting further price increases and suggesting that the coin could see a surge to more than $10 soon.

Popular crypto trader and analyst, identified as Bluntz on X (formerly Twitter) has unveiled a major price prediction for NEAR. The analyst disclosed that the price of NEAR is exhibiting historical patterns indicative of a bullish rally, potentially surpassing $10.

$near turbo sends here imo pic.twitter.com/4o28UEsfE1

— Bluntz (@Bluntz_Capital) April 3, 2024

Bluntz, a pseudonymous analyst known for his eerily accurate prediction of Bitcoin (BTC) in June 2018, forecasted that the price of BTC would hit a bottom out at $3,200 after reaching an all-time high of $20,000 at the time. True to his foresight, Bitcoin dropped to around the projected price target by December of the same year. 

Now, using technical analysis based on the Elliott Wave principle, Bluntz has shared a price chart displaying Near protocol’s potential rally to over $10. 

The Elliott Wave theory, developed by Ralph Nelson Elliott is a technical methodology that analyzes recurrent and long-term price patterns related to persistent changes in investor sentiment and psychology. This technical tool is used to predict the price movements of cryptocurrencies based on greed and fear. 

Bluntz provided two charts depicting Near Protocol’s price movements against Tether (USDT) and another against Bitcoin. 

In both charts, Near Protocol had undergone a sequence of price fluctuations, moving between green and red zones before exhibiting strong price fundamentals that could potentially propel its price above $10. The crypto analyst has pinpointed a projected timeline for this price surge around mid April, specifically before the 15th.

Over the past month, the price of Near Protocol has been on a steady upward trend, boasting an impressive 26% increase. Moreover, the cryptocurrency’s total market capitalization has risen by over 6%, accompanied by a 25% increase in its 24-hour trading volume. 

At the time of writing, Near Protocol is trading at $7.09, reflecting a significant increase of 5.89% in just one day, according to CoinMarketCap. These developments highlight the increasing appeal and demand for the popular token within the dynamic crypto space.

Illia Polosukhin, co-founder of Near Protocol has also commended the NEAR team’s consistent efforts in maintaining the cryptocurrency’s steady growth and development over the past few months. Polosukhin noted that due to the team’s dedication, Near Protocol’s capacity has surged by 50%, ensuring a more effective network to serve users. 

Featured image from Pexels, chart from TradingView