The cryptocurrency market is witnessing a significant event: Bitcoin has reached a new all-time high of $118K. Ethereum and other altcoins are also showing growth.
Bitcoin and Ethereum News
Today, Bitcoin (BTC) achieved a new record at $118K. Ethereum (ETH) is also making waves with an 8% increase, crossing the $3000 mark. Positive trends in the crypto market are lifting altcoins, including Near Protocol (NEAR), which surged by 9% in the last 24 hours.
NEAR's Fractal Pattern
A notable focus is the fractal pattern forming for NEAR, previously seen during its explosive rally. In late 2021, NEAR formed a descending broadening wedge, followed by a recovery structure at a key support level. As a result, NEAR soared over 590%, peaking above $20. Current data shows that NEAR is repeating a similar fractal setup, forming a descending broadening wedge and bouncing from the historic support zone.
Future Outlook for NEAR
If NEAR holds above the 100-day moving average and reclaims the 200-day moving average, this could confirm a breakout from the wedge. Should this fractal play out again, NEAR may reach price targets ranging from $16 to $17, representing significant gains from current levels. However, a clear move above the 200-day moving average is essential to strengthen the bullish case.
The cryptocurrency market continues to deliver impressive results, with Bitcoin maintaining its leader status. Regardless of projected forecasts, it is essential to conduct thorough analysis when investing.
