Analyst and trader Michaël van de Poppe is expressing his bullish sentiments on NEAR Protocol, a layer-1 protocol, following a significant correction in the market. Van de Poppe, with a substantial following on X, believes that NEAR could potentially surge to $20 within the next three to six months, marking a remarkable 500% increase from its current value.
In a recent tweet, Van de Poppe stated, “Pretty ideal spot for NEAR. It took all the liquidity beneath the lows and seems to have a strong weekly candle. If this is the liquidity sweep, then next target is $15-$20 in the next three-six months.” This optimistic outlook is backed by his technical analysis of the market trends.
NEAR is currently trading at $3.33, showing a 5.6% increase in the last 24 hours. Van de Poppe also shared his insights on Bitcoin’s price action, suggesting that the leading cryptocurrency may continue to trade sideways until it can break through the resistance level at its all-time high of around $108,000. He mentioned, “Anyways, Bitcoin stuck in the range, the real inflection will occur once it breaks ATH. For now, just consolidation before the next leg up.”
Bitcoin is currently priced at $97,787, reflecting a 1.1% increase in the last 24 hours. Additionally, Van de Poppe highlighted a potential bullish divergence on the weekly chart for Ethereum against Bitcoin (ETH/BTC). A bullish divergence typically indicates a forthcoming price increase, as the asset records lower lows while indicators like the Relative Strength Index (RSI) show higher lows.
Van de Poppe mentioned, “Next week is going to be a massive week for ETH. If this closes in such a wick and next week ETH goes back above 0.03, the bullish divergence is valid.” ETH/BTC is trading at 0.02753 BTC ($2,692) at the time of writing, down 1.82% in the last 24 hours.
In conclusion, Michaël van de Poppe’s analysis provides valuable insights into the potential price movements of NEAR, Bitcoin, and Ethereum in the near future. As the market continues to evolve, traders and investors can benefit from staying informed about these developments. Subscribe to get email alerts and follow The Daily Hodl on social media platforms for the latest updates on cryptocurrency price action.