Altcoins

Ethereum Competitor NEAR Protocol Looks ‘Extremely Bullish,’ Says Analyst Jamie Coutts – Here Are His Targets

Actual Imaginative and prescient crypto analyst Jamie Coutts says that key indicators for one Ethereum (ETH) competitor are flashing bullish.

The previous Bloomberg analyst tells his 14,100 followers on the social media platform X that NEAR Protocol (NEAR) might soar greater than 47% from its present worth.

“Absolute price momentum: has been consolidating since March. The technical pattern looks extremely bullish if it breaks this resistance around $7.60 which is where a cluster of volume has traded these past months. This is a high conviction set up if it breaks the pattern neckline, producing a target above $10.50 (+30%).”

Supply: Jamie Coutts/X

Taking a look at his chart, the analyst suggests NEAR is printing an inverse head and shoulders sample (I-HNS). An I-HNS is a bullish technical formation with the fitting shoulder suggesting bulls are prepared to build up the asset with out ready for the value to drop to its earlier low.

The analyst additionally predicts that NEAR’s bullish pattern in opposition to Bitcoin (NEAR/BTC) and Solana (NEAR/SOL) will proceed.

“Relative price momentum: NEAR versus SOL and BTC are positive and ready to break higher.”

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Supply: Jamie Coutts/X

Based on the analyst, NEAR can be experiencing enormous every day energetic person (DAU) development on the community in comparison with different sensible contract platforms, which is one other bullish sign.

“Absolute active user momentum: NEAR’s Daily active users have grown from 50,000 to 1.76 million in the past year. Ex-NEAR that number has grown from 5.4 million to 8.75 million.”

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Supply: Jamie Coutts/X

He says the person development fee far exceeds the mixed development fee of the opposite layer-1 and layer-2 tasks.

“Relative active user momentum: that’s growth of 33x vs 0.6x for the rest of the L1/L2 ecosystem.”

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Supply: Jamie Coutts/X

NEAR is buying and selling for $7.14 at time of writing, down 3.6% within the final 24 hours.

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