A popular crypto analyst says he’s bullish on one Ethereum (ETH) challenger that he thinks is flashing a “textbook” trade setup.
The pseudonymous crypto trader known as Cantering Clark tells his 132,900 Twitter followers that decentralized application (DApp) platform Near Protocol (NEAR) has been trading within a narrow range in the last few days.
"Dëst ass NËMMEN setup is textbook. Honestly, it doesn’t get much better. Three days of almost entirely inside value and range, i.e. Russian Doll setup. Open interest up on negative basis. Break from balance now. At least 10-15% move coming.”
Russian doll setups refer to technical patterns within patterns, giving traders strong conviction on the play.
The trader also says that NEAR’s ability to hold the current range suggests that bulls are gearing up for a breakout.
"Ech kucken op wat méiglecherweis eng Akzeptanz ausserhalb vum Wäert fir déi lescht Deeg ass a gesinn dëst am Liicht vun ähnlechen Opstellungen iwwerall ze spillen. Et ass kontingent op der Spëtzt vun der lokaler Gamme Holding als Ënnerstëtzung.
Ech sinn häerzlech fir keng Réckzuch ze maachen oder eppes géint mech an engem staarke Bärentrend ze loossen, also wann meng Setup-Critèrë verletzt ginn, wäert ech gär all Kéier erausgoen an nei lueden wéi se widderhuelen.
In addition, Cantering Clark highlights that NEAR has managed to take out its diagonal resistance and is now poised to move above $7.00.
“To whomever is starting to push late shorts out. Send NEAR to range highs like everything else as well.”
Zu der Zäit vum Schreiwen, NËMMEN is trading at $6.20, up 2.42% in the last 24 hours.
The analyst also identifies what he sees as the best time entry point for Bitcoin (BTC) bulls in preparation for the next halving event that will happen in 2024. Cantering Clark’s prediction is based on how Bitcoin reversed its trend during the 2014 and 2018 bear markets.
“Hey who is excited for the next Bitcoin halving?
If past is precedent, the beginning of 2023 would be where maximum opportunity is.”
Zu der Zäit vum Schreiwen, geschriwen ännert Hänn op $ 30,389.
kontrolléieren Präis Action
Verpasst kee Beat - abonnéieren fir Krypto E-Mail Alarmer direkt an Är Inbox geliwwert ze kréien
Follegt eis op Twitter, Facebook an Hëllefe profitéieren
Surfen Den Daily Hodl Mix
Disclaimer: Meenungen ausgedréckt am The Daily Hodl sinn net Investitiounsberodung. D'Investisseure sollten hir Due Diligence maachen ier se héich riskéiert Investitiounen an Bitcoin, cryptocurrency oder digital Verméige maachen. Gitt u Berodung datt Är Transferen an Trades op Ären eegene Risiko sinn, an all Verloscht déi Dir leet, ass Är Verantwortung. Den Daily Hodl empfeelt net de Kaf oder de Verkaf vu Krypto-Währungen oder digital Verméigen, an och ass den Daily Hodl keen Investitiounsberoder. W.e.g. notéiert datt den Daily Hodl am Partnermarketing matmaacht.
Ausgezeechent Bild: Shutterstock / Tithi Luadthong / Natalia Siiatovskaia
Source: https://dailyhodl.com/2022/05/23/analyst-says-textbook-setup-forming-for-one-ethereum-rival-predicts-point-of-maximum-opportunity-for-bitcoin/