Ethereum Competitor NEAR Is Expecting Bulls

The bullish predicitons about Ethereum competitors continue, and this time, we are addressing the NEAR protocol. Check out the latest reports below.

It’s been just revealed that there is a popular crypto analyst who just explained the fact that Ethereum may still be in a consolidation phase despite bullish price action. He also said that one of its rivals is ready for rallies.

The pseudonymous analyst known as Altcoin Sherpa said that he’s got his eye on NEAR Protocol.

As the online publication the Daily Hodl notes, the NEAR Protocol is a smart contract-capable proof-of-stake (PoS) blockchain that aims to be a decentralized community-led cloud computing platform.

The official notes also say that its native token NEAR has been in a downtrend for the past month, currently down 45% from its all-time high.

It’s also worth noting the fact that Altcoin Sherpa says the Ethereum competitor is now presenting opportunities.

“NEAR: This is still an area that is interesting to me. .786 fibonacci, 200D [exponential moving average], etc. $10-$11 remains an area that I’d like to see as support. I still have bids lower in case this nukes but overall, looks decent.”

Check out the graph that he presented as well:

The analyst is also looking at Ethereum, and he has some bullish predictions about the second market cap coin as well.

At the moment of writing this article, ETH is trading the green, and the coin is priced at $3,140.

It’s important to say the fact that the analyst says that while ETH may have reclaimed the $3,000 level, there’s still a high likelihood that the top smart contract platform needs more time to consolidate.

“I think that true macro bottoms take a long time to form – weeks or months.”

Stay tuned for more crypto news, and keep your eyes on the market.