NEAR / ETH - A potential trade to increase your ETH holdingsNEAR / ETH
A potential trade to increase your ETH holdings
⌛️Potential Head and Shoulders Forming with break
out pending (not confirmed)
⌛️ OBV Decision Due - Rejection off resistance or
break above?
Either way there is a potential trade here, ideally with a break above the H&S, then I would allocate some ETH to NEAR. I might consider an entry around current levels and if we drop a bit towards the 21WSMA (blue line)
If you combine this set up with what was discussed in the last post on ETH/EURO, you can see a similar set up.
EURO < ETH < NEAR > ETH > EURO
An important distinction to make is that one could assume if we get break outs on both charts and reach approximate guessed target levels, we can potentially 2x our ETH position or 4x our EURO position. Whilst the latter sounds better, if our ETH position 2x's, its because ETH has outperformed EURO. Thus, buying ETH with EURO and trading the ETH/NEAR might be could be a good approach to this trade.
How realistic are the targets?
If NEAR hit our target levels it would have reached top 10 status in terms of market cap, so its a big ask.
NEAR currently sits as the 21st largest by market cap in crypto with a €5.9bln market cap. Shiba Inu and Dogeoin are 9th and 10th largest by market cap at €23bln and 21bln respectively. I see no reason as to why NEAR Protocol and all it offers could not stretch near to these two funbun coins rattling around the top 10.
Time will tell, ill keep you posted on any changes here and on TradingView
PUKA
#NEARProtocol
