Analyst Predicts Breakout Rallies for NEAR and INJ as Crypto Market Shakes Out Weak Hands

• Crypto analysts are bullish on NEAR and INJ, expecting breakout rallies soon. NEAR could hit $9, and INJ shows promise after defending the $30 price area.

• Near Protocol’s price might surge above $10 soon, as predicted by crypto analyst Bluntz, known for accurate Bitcoin forecasts.

Crypto strategist and analyst The Crypto Dog has recently expressed bullish sentiments towards the smart contract protocol NEAR. The Crypto Dog has drawn attention to NEAR’s potential breakout rally by analyzing the daily chart. A pseudonymous analyst highlights NEAR’s proximity to breaking its diagonal resistance, signaling a bullish trend ahead. Despite ongoing struggles, The Crypto Dog remains confident that NEAR will soon breach resistance levels and surge towards the $9 mark.

$NEAR makes a move soon. Maybe not today but soon.

BTC flat, SOL red, NEAR green makes me pay attention. pic.twitter.com/oLyuPXgNIN

— The Crypto Dog 📈 (@TheCryptoDog) April 5, 2024

INJ Displays Promising Signs Amidst Market Correction

In addition to NEAR, The Crypto Dog directs attention towards Injective (INJ), a layer-1 altcoin. Noting recent price movements, the analyst suggests that INJ is regaining interest among traders, particularly after bulls successfully defended the $30 price area. At $35.56 at the time of writing, INJ has recorded nearly a 2% increase in the past day, indicating potential upward momentum. The Crypto Dog’s endorsement of INJ underscores growing optimism surrounding the altcoin amidst broader market fluctuations.

While discussing the broader cryptocurrency market, The Crypto Dog perceives the recent correction as a means to eliminate weak positions. Adopting an optimistic stance, the analyst views the correction as a temporary shakeout rather than a sign of underlying weakness. Emphasizing default bullish sentiment, The Crypto Dog anticipates a clearer market direction to emerge within the next seven days. 

NEAR Protocol’s Price Poised for Potential Surge Above $10

Near Protocol (NEAR) investors are anticipating a significant surge in its price, potentially surpassing the $10 mark, according to insights from popular crypto trader and analyst Bluntz. Utilizing technical analysis, Bluntz, known for his accurate Bitcoin predictions in the past, has identified bullish signals in NEAR’s price movements, suggesting a rally in mid-April before the 15th.

$near turbo sends here imo pic.twitter.com/4o28UEsfE1

— Bluntz (@Bluntz_Capital) April 3, 2024

Bluntz’s analysis, based on the Elliott Wave principle, indicates a promising outlook for the NEAR Protocol. The Elliott Wave theory, developed by Ralph Nelson Elliott, analyzes recurrent price patterns driven by changes in investor sentiment. Bluntz’s charts illustrate NEAR’s fluctuations against Tether (USDT) and Bitcoin, showcasing a sequence of movements that could propel its price above $10. The predicted surge aligns with NEAR’s recent upward trend, where the cryptocurrency has seen a steady increase in value over the past month.

NEAR’s Recent Performance and Market Dynamics

Over the last month, NEAR Protocol has exhibited a consistent upward trajectory, boasting a notable 4% increase in price. Furthermore, its total market capitalization has risen by over 4%, accompanied by a significant 20% surge in its 24-hour trading volume. NEAR is trading at $7.22 at the time of writing. Additionally, on a more positive note, NEAR’s daily transaction count has rebounded, hitting a peak of 9.02 million on April 2, the highest since December 2023. 

Illia Polosukhin, the co-founder of Near Protocol, has acknowledged the team’s efforts to drive NEAR’s growth and development. Polosukhin highlighted a 50% surge in NEAR’s capacity, underscoring the team’s commitment to enhancing the network’s efficiency to better serve its users.