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20 May 2024
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Bitcoin

Analyst Says Ethereum Rival Mirroring Memecoin That Just Printed New All-Time High, Updates Outlook on Altcoins

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.” 

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Source: Credible/X

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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The post Analyst Says Ethereum Rival Mirroring Memecoin That Just Printed New All-Time High, Updates Outlook on Altcoins appeared first on The Daily Hodl.

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