A well-known analyst and trader are sharing his forecast for three cryptocurrencies amid a minor uptick in the markets.
Addressing Near Protocol (NEAR), a layer-one blockchain, the analyst, known as Bluntz, suggests to his 251,200 followers on X that the Ethereum (ETH) competitor might surpass its recent peak of $9.01, which was last achieved about a week ago.
According to the analyst, who frequently employs the Elliott Wave theory in his technical assessments, two distinct five-wave patterns are unfolding on the four-hour chart of NEAR. The Elliott Wave theory posits that the primary trend of an asset's price moves in a five-wave pattern, while corrections occur in a three-wave pattern.
As per Bluntz's analysis, one of the five wave patterns could potentially conclude above the $8.80 mark, while the second one might finish around the $9.53 level. At the time of writing, NEAR is trading at $7.84.
Moving on to Bitcoin (BTC) and Ethereum, Bluntz indicates that it seems both of the largest cryptocurrencies by market capitalization have established price floors and are now poised to "begin moving higher again from this point."
Based on Bluntz's charts, it appears that both Bitcoin and Ethereum have completed a three-wave corrective pattern to the downside on the 15-minute and one-hour timeframes, respectively.
Bitcoin is currently priced at $71,163, and Ethereum is trading at $3,645.
Regarding Dogecoin (DOGE), Bluntz suggests that the leading meme coin by market capitalization has finalized a three-wave corrective pattern on the 30-minute chart, indicating a possible conclusion to the downtrend.