Analyst Says Ethereum Rival Mirrors Memecoin Just Hit New All-Time High, Updates Altcoin Outlook

A crypto strategist thinks that an Ethereum (ET) the challenger is following in the footsteps of a red-hot memecoin that just hit a new record high.

Pseudonymous analyst Credible tells his 393,500 followers on social media platformNEAR) looks similar to Pepe’s (PEPPER), a memecoin that recorded a new all-time high in the last 24 hours.

“It looks identical to PEPE and with my expectation of some relief across the board, I think the dips are for buying, targeting the highs.

I’m long since last night.”

Source: Credible/X

Looking at the trader’s chart, it appears that his target is $9 for NEAR with invalidation at $5.72. At the time of writing, NEAR is trading for $7.03, suggesting nearly 30% upside potential if the altcoin reaches Credible’s target.

But while Credible is bullish on NEAR, he He says his sentiment does not extend to Pepe and large-cap altcoins. The analyst says Pepe and major altcoins are moving towards a major corrective move as he believes market participants are rotating their capital to ride the next bull burst for Bitcoin (Bitcoin).

“Pepe and the main alternatives = in a variable environment which I believe is a distribution top that ultimately leads to failures.

Bitcoin = in what I believe to be a reaccumulation range environment that will ultimately lead to a breakout at $100,000.”

At the time of writing, Bitcoin is worth $61,655.

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