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.
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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.

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Samuel Munene
Samuel Munene

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