A crypto analyst who accurately predicted Bitcoin’s price drop before the halving believes that a layer-1 altcoin is about to explode.
Injective (INJ) Ready to Breakout
The analyst, known as Rekt Capital, says Injective (INJ) is forming a pattern on its weekly chart that usually signals a bullish reversal. This pattern, called a falling wedge, suggests that sellers are losing steam and buyers are stepping in to slow down the price decline.
“Injective has been forming this pattern for months,” Rekt Capital said. “A close above the resistance line could be enough to kickstart a new uptrend.”
Dogecoin (DOGE) Testing Support
Turning to Dogecoin, the analyst believes the memecoin is in the process of turning a long-term resistance level into support.
“Since breaking its downtrend, DOGE has been retesting that downtrend,” he explained. “A successful retest would confirm a new uptrend.”
Altcoin Market on the Cusp of Something Special
Rekt Capital believes the broader altcoin market is also on the verge of a new uptrend. He points to bullish divergences across many altcoins, which suggest that the market is gaining momentum even if prices are flat or declining.
“The amount of bullish divergences across many altcoins gives reason to believe that the altcoin market may be on the cusp of something special,” he said. “Special things take time, however.”
Disclaimer:
This information is not financial advice. Always do your own research before investing in cryptocurrencies. /p>
