NEAR Protocol Ready for Breakout, Analyst Predicts

Ethereum competitor NEAR Protocol (NEAR) shows promising technical indicators, according to Real Vision crypto analyst Jamie Coutts. NEAR is consolidating for a potential breakout with a target above $10.50, representing a 47% increase from its current price. The analyst also anticipates a continuation of NEAR's bullish trend against Bitcoin (BTC) and Solana (SOL). Additionally, NEAR's daily active users have grown significantly, far outpacing similar growth among other smart contract platforms.

Ethereum Rival NEAR Protocol Poised for Bullish Breakout, Analyst Predicts

Renowned crypto analyst Jamie Coutts of Real Vision has issued a bullish outlook for NEAR Protocol (NEAR), a prominent Ethereum competitor. With a large and engaged following on social media, Coutts' analysis has garnered significant attention and is causing a stir within the crypto community.

Technical Indicators Flash Green for NEAR

Coutts' analysis centers around several key technical indicators that suggest a potential surge in NEAR's value. He highlights the consolidation of absolute price momentum since March, with a breakout resistance around $7.60 signaling a bullish trend. This breakout could trigger a target above $10.50, representing a potential increase of over 30%.

Moreover, Coutts identifies a classic inverse head and shoulders (I-HNS) pattern in the NEAR chart. This bullish formation suggests that buyers are accumulating the asset despite the recent price decline. The right shoulder of the I-HNS pattern further indicates that buyers are eager to acquire NEAR without waiting for a drop to its previous low.

Positive Momentum Against Bitcoin and Solana

Coutts also notes the positive relative price momentum of NEAR against Bitcoin (NEAR/BTC) and Solana (NEAR/SOL). He believes that this bullish trend is poised to continue, providing further support for NEAR's overall trajectory.

Stellar Daily Active User Growth

Beyond technical indicators, Coutts draws attention to the remarkable daily active user (DAU) growth on the NEAR network. In the past year, NEAR's DAUs have skyrocketed from 50,000 to an impressive 1.76 million. Comparatively, other established smart contract platforms have experienced far more modest growth.

"NEAR's growth rate far exceeds the combined growth rate of other layer-1 and layer-2 projects," Coutts states, emphasizing the platform's burgeoning popularity.

bullish Sentiment Persists

Despite a slight decline in NEAR's value in the past 24 hours, the overall sentiment for the asset remains upbeat. The convergence of multiple bullish indicators, including technical patterns, positive price momentum against major cryptocurrencies, and substantial daily active user growth, bodes well for NEAR's future prospects.

As the crypto market continues to evolve, analysts like Coutts play a crucial role in identifying potential opportunities for investors. NEAR Protocol, with its strong technical foundation and impressive user adoption, is becoming increasingly attractive within the competitive Ethereum ecosystem. As the bullish sentiment grows, it remains prudent for investors to closely follow the developments surrounding NEAR for potential profit-making opportunities.