A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-20 altcoin by market cap while updating his outlook on the memecoin dogwifhat (WIF).

The analyst pseudonymously known as Bluntz tells his 265,200 followers on the social media platform X that the utility token of the layer-1 blockchain NEAR Protocol (NEAR) is poised to go “much much higher.”

According to Bluntz, NEAR has broken out of the upper boundary of an ascending channel, a pattern that is typically considered bullish, on the four-hour chart.

“Slow grinding up channel breakouts are among my favorite setups to trade.

The longer they channel for, the stronger the eventual breakout.”

Source: Bluntz/X

Based on the pseudonymous analyst’s chart, it appears that Bluntz is suggesting that NEAR is mimicking a similar pattern that Bitcoin formed prior to breaking out in late 2023. It also appears that Blunt is suggesting that over the coming weeks, NEAR could skyrocket above $10, around 63% above the current level.

NEAR is trading at $6.14 at time of writing.

Turning to dogwifhat, the pseudonymous analyst who regularly applies the Elliott Wave theory in his technical analysis says that the memecoin has completed a three-wave corrective pattern on the one-hour chart.

According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction happens in a three-wave pattern. Bluntz further says that an uptrend for most memecoins “starts again soon.”

Source: Bluntz/X

WIF is trading at $2.45 at time of writing.

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