The broader crypto market is down as it trades in red. Bitcoin is falling to $46K level, Ethereum price too is back at $3.7 level. Most other altcoins are trading in the red.
However, there is always the exception in the crypto market, amidst the bearish market NEAR, FTM and CRV Price showing decent gains.
A well-known crypto strategist and trader predicts a huge increase for ethereum competitor Near (NEAR) and compares the Harmony (ONE) structure to the dramatic price behaviour of Avalanche(AVAX).
Near Protocol (NEAR)
Near, a developer-focused blockchain engineered for scalability and reliability is gearing up to take out its immediate resistance and start a move to the upside, according to pseudonymous crypto analyst Cantering.
“Retest of prior range and ATH (all-time high). Inside value of prior weekly trend and holding weekly + daily vwaps (volume-weighted average price).”
Breaking this descending diagonal resistance and current week VAH (volume area high), in his perspective, is the final thing NEAR needs to do before the next big rise.
Clark estimates that if the breakout occurs, NEAR will rise by at least 40% from its present price of $14.19.
Harmony (ONE), a blockchain aimed at supporting a decentralised economy, is also favoured by the crypto analyst. ONE’s market structure, according to Cantering Clark, recalls Avalanche’s price behaviour before it skyrocketed over 140% from $59 to $140.
He says that ONE reset reminded him of a prior similar structure of AVAX. Loss and recovery of prior weekly contextual level, quarterly VWAP, and 20-day moving average, he states.