Benzinga - In a recent social media update, a well-known crypto analyst, Crypto Dog, forecasted a bullish run for memecoin Jeo Boden (CRYPTO: BODEN) and NEAR Protocol (CRYPTO: NEAR).
What Happened: Crypto Dog anticipates that BODEN is on the verge of a breakout following a consolidation period, Daily Hodl reported on Thursday. The memecoin has witnessed a remarkable twenty-fold surge since the beginning of March.
The analyst’s chart indicates that BODEN is currently testing a downward-sloping resistance level on its daily chart.
Crypto Dog also highlighted that several other memecoins, including dogwifhat (CRYPTO: WIF), are showing bullish signs.
“Not just WIF though, a good handful of mid/high cap memecoins are aiming for new highs,” he stated.
Regarding NEAR Protocol, Crypto Dog expressed a bullish sentiment based on the artificial intelligence (AI) narrative, among other factors. NEAR’s Co-Founder Illia Polosukhin had previously stated that AI would be “one of the core verticals for the NEAR ecosystem heading into 2024”.
The analyst concluded, “…still think NEAR will lead over the next weeks, months. Structurally it looks great, erased recent dip outperforming Bitcoin and even Solana.”
See Also: Bitcoin Veteran Warns Crypto Bears: ‘You Have No Idea How Crazy This Bull Run Is About To Be’
Why It Matters: Memecoin BODEN, a parody of President Joe Biden, has been on a bullish run, recording a new all-time high and crossing the $700 million market capitalization mark in early April. The coin attracted attention from supporters of both political parties, with a Solana (CRYPTO: SOL) influencer predicting that it would gain traction due to Biden’s slow pace.
Just days after its launch, an anonymous trader turned a $356K investment in BODEN into $5.8M. This indicates the potential profitability of investing in meme coins.
Despite many meme coins surpassing the $1 billion market cap milestone, only two have crossed the $10 billion threshold.
Meanwhile, Strike CEO Jack Mallers has forecasted a potential seven-figure price for Bitcoin (CRYPTO: BTC) during the current cycle, driven by efforts to save the bond market.
Read Next: Shiba Inu Whale Accumulates 237B SHIB In One Transaction: ‘Much In Store For The SHIB Army,’ Vows Lead Developer
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