2024-05-12
Real Vision crypto analyst Jamie Coutts has identified bullish indicators for NEAR Protocol (NEAR), a competitor of Ethereum (ETH).
Coutts the former Bloomberg analyst, believes that NEAR could potentially increase by more than 47% from its current value.
He highlights that NEAR's absolute price momentum has been consolidating since March, and if it breaks the resistance level around $7.60, which has seen significant trading volume, it could result in a bullish move towards a target price above $10.50 (+30%).
Coutts also analyzes NEAR's chart and suggests that it is displaying an inverse head and shoulders pattern (I-HNS), which is a positive technical formation indicating that buyers are willing to accumulate the asset without waiting for the price to drop to its previous low.
Furthermore, the analyst predicts that NEAR's bullish trend against Bitcoin (NEAR/BTC) and Solana (NEAR/SOL) will continue, based on the relative price momentum.
In addition to technical analysis, Coutts highlights NEAR's significant daily active user (DAU) growth compared to other smart contract platforms.
He notes that NEAR's DAU has grown from 50,000 to 1.76 million in the past year, surpassing the growth rates of other layer-1 and layer-2 projects.
At the time of writing, NEAR is trading at $7.14, reflecting a 3.6% decrease in the last 24 hours.
