Crypto Bull Run: NEAR Protocol (NEAR) and Avalanche (AVAX) Poised for Price Surges – Here’s Why

The cryptocurrency market has seen renewed bullish sentiment, with traders eyeing potential rallies for NEAR Protocol (NEAR) and Avalanche (AVAX). Notable analysts and investors are sharing their insights on these two cryptocurrencies.

Bluntz, a top crypto trader and analyst, expressed optimism about NEAR Protocol’s prospects. In a tweet, Bluntz stated, “$NEAR looks turbo bullish here imo, clear abc down from the highs, spent all weekend accumulating and now breaking out. should be one of the first to make new highs imo.”

NEAR Analysis: Bullish Flag Pattern

Supporting Bluntz’s bullish outlook, altFINs, a top crypto analysis firm, highlighted a bullish flag pattern forming on NEAR’s chart. According to their analysis, NEAR is in an uptrend, with the potential for a breakout from the current consolidation range.

Source: altFINS – Start using it today

Key Observations:

  • Pattern: Bullish Flag – a continuation pattern indicating a potential resumption of the uptrend.
  • Trend: Uptrend across short, medium, and long-term time horizons.
  • Momentum: Mixed – MACD bearish, RSI neutral.
  • Support and Resistance: Support at $6.00 and $4.60, resistance at $9.00 and $10.00.
Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

AVAX: Potential Scenarios Analysed

Meanwhile, More Crypto Online, a popular YouTube channel with over 190,000 subscribers, delved into the potential price movements of Avalanche (AVAX) using Elliott Wave theory. The analysis presented three scenarios, with the orange scenario being the most relevant currently.

Orange Scenario:

  • Includes an “a-wave” up from the October low, a shallow pullback in wave B, and the potential start of wave C.
  • Requires AVAX to hold support between $32.76 and $46.90 for the bullish scenario to remain valid.
  • Potential targets at $52 and $72, if the scenario plays out as expected.

Alternative Scenario:

  • The yellow count suggests a deeper pullback, potentially a wave two or B wave in the current trend.
  • While bullish overall, this scenario allows for a more significant retracement before a potential continuation of the uptrend.

Current Price Action

According to CoinMarketCap data, NEAR Protocol is currently trading at $7.53, up 14.56% in the last 24 hours. Additionally, Avalanche is trading at $58.14, up 8.66% over the same period.

As the crypto market shifts, traders and analysts are closely monitoring these cryptos’ price actions, seeking potential opportunities amidst the ongoing volatility.

You may also be interested in:

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

CaptainAltcoin
Logo