Altcoins
Analyst Says Ethereum Rival Mirrors Memecoin Just Printing New All-Time High, Updates Outlook on Altcoins
A crypto strategist believes that an Ethereum (ETH) challenger follows in the footsteps of a red-hot memecoin that just hit a new all-time high.
Pseudonymous analyst Credible explains to his 393,500 followers on social media platformCLOSE) looks like Pepe’s (PEPE), a memecoin that has printed a new all-time high in the last 24 hours.
“This looks identical to PEPE and with my expectation of some relief across the board here, I think the dips are for buying, targeting the highs.
I’ve been long since last night.
Source: Credible/X
Looking at the trader’s chart, he appears to be targeting $9 for NEAR with an invalidation at $5.72. At the time of writing, NEAR is trading at $7.03, suggesting nearly 30% upside potential if the altcoin hits Credible’s target.
But even though Credible is bullish on NEAR, it said his sentiment does not extend to Pepe and large-cap altcoins. The analyst says Pepe and major altcoins are moving toward a significant corrective action as he believes market participants are rotating their capital to take advantage of the next upward burst for Bitcoin (BTC).
“Pepe and major alts = in a varied environment which I believe is a distribution top ultimately leading to breakdowns.
Bitcoin = in a variable environment which I believe is a reaccumulation range ultimately leading to a breakout up to $100,000.
At the time of writing, Bitcoin is worth $61,655.
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