Crypto Analyst Sees This Ethereum Rival As Undervalued, Pins $7 Short-Term Target

Ethereum rival Near Protocol NEAR/USD is currently trading below its true value and is primed to join the ranks of the top 10 largest crypto assets, predicts a prominent crypto strategist.

What Happened: The Crypto Dog, a well-known crypto analyst, shared his insights with his 750,500 followers on X social media platform, as first reported by The Daily Hodl on Monday. He believes Near, currently ranked as the 24th largest crypto asset by market capitalization, is undervalued.

No idea on exact timeline but I do think $7 is a good relatively near term target.

— The Crypto Dog 📈 (@TheCryptoDog) December 24, 2023

The Crypto Dog stated that the advanced technology and strong capitalization of Near, along with potential retail FOMO (Fear of Missing Out), could propel the crypto asset into the top 10. He foresees Near rallying by more than 86% in the coming weeks, targeting a price of $7.

See Also: Bitcoin Headed For A New All-Time High? Here’s What This Indicator Says, According To Crypto Analyst

Speaking of Ethereum competitor Solana SOL/USD, The Crypto Dog predicted further growth for this crypto asset after its diagonal resistance was broken.

Regarding Bitcoin BTC/USD, the strategist suggested that a spot market BTC exchange-traded fund might cause increased volatility. However, he added that any significant dip could present a golden opportunity for long-term investors.

Why It Matters: Near’s recent performance may lend credence to The Crypto Dog’s prediction. On Monday, Near Protocol’s price surged by 5.46% within 24 hours to $3.96. Over the past week, Near experienced a rise of over 85.0%, from $2.14 to its present price. The coin's all-time high stands at $20.44.

The trading volume for Near has increased by 169.0% over the past week, even as the circulating supply of the coin decreased by 0.05%, resulting in a circulating supply of 1.01 billion. Near’s current market cap ranks it at number 24, at $3.98 billion.

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